August 3, 2021
Recreational marijuana, or weed, is quickly sweeping through the United States. With medical marijuana legal in 36 states, hemp products in general are reaching the mainstream. As we mentioned in a previous blog, the CBD market alone was valued at $2.8 billion back in 2020. In yet another blog, we discussed ways you, as an insurance agent, can dig into the medical marijuana field.
But what about weed? Sixteen states and growing have legalized recreational marijuana so far, and that means a new market of clients to target! How should we advertise insurance for smoke shops, producers, and growers? Let’s work that out together.
The cannabis industry may be young, but it is growing like a teenager through puberty! Last year, sales for medicinal and recreational products reached over $17.5 billion. The reason? COVID-19 kept everyone at home.
In many ways, weed may be safer for you physically and mentally than alcohol; weed isn’t as addictive, doesn’t lead to overdose, and users are less violent. Even though alcohol is still more widely accessible, weed is quickly becoming legal across the country. The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) is currently on the floor in Congress to legalize recreational marijuana federally. Furthermore, the act would retroactively clear any past criminal records associated with marijuana use.
Smoke shops, dispensaries, growers and more have been working in a strange spot until now. Few were able to get the support they needed - including - workers’ compensation as their business is not considered legal by federal standards.
Luckily, Normandy Insurance writes insurance for businesses just like this. Insurance agents are looking to write cannabis accounts, and for good reason: it looks probable that cannabis will be legal at the federal level soon, at which point, major businesses will start to compete, and smaller brands will fight for their spot at the top. We’ll help our agents secure coverage and help them be a trusted source for insurance advice in this space.
As an insurance agent, targeting recreational marijuana users means becoming their defenders. Laws are constantly changing, and if you want to get a head start on the market, you need to stay on top of the latest news. Defend your clients’ use of weed to protect their job and to earn their trust. Don’t know your state’s laws about marijuana? Check out this helpful list: https://disa.com/map-of-marijuana-legality-by-state
The marijuana industry is booming. Every day, we grow closer to legalization on a federal level. When that day comes, will you be seen as someone who paved the way? If you are looking for an insurance agency with forward-thinking, look no further than Normandy Insurance! Become a client or become an agent to offer Normandy as a solution for their workers’ comp insurance: www.normandyins.com/index.html