AlphaRoot with Managing Director Isaac Bock
AlphaRoot with Managing Director Isaac Bock today on Blunt Business with Jorge Hermida only on Cannabis Radio. Our next guest works for an insurance brokerage dedicated to supporting the cannabis industry. His company’s unique expertise in cannabis allows them to provide customized access to preferred insurance markets. AlphaRoot is a full-service insurance brokerage completely dedicated to strengthening and supporting the cannabis industry. You offer a wide range of liability coverages to all types of cannabis businesses, including MSO’s, Cultivation, Dispensaries, and ancillary niches. Fill me in on the scope and range of what your team at AlphaRoot is able to do to assist. There are many legal uncertainties, unique hazards, and emerging risks involved in legal cannabis-related activities. We talk about the common challenges that cannabis industries have been connecting with our guests about the most. Many of the nation’s largest insurance providers will not work with the weed industry because marijuana is illegal under federal law.
The few liability, property, and crop insurance providers who do offer policies typically charge untenable rates. In addition, marijuana farms cannot access federal subsidies for crop insurance that would cut those high costs, making the price prohibitive. And when disaster strikes, businesses in the marijuana industry cannot apply for the same federal disaster funding as their neighbors. Congress has done little to address the issue. A group of Oregon lawmakers introduced a bill in September that would make federal disaster funding available to the cannabis industry, but it has little chance of passing in the waning days of this Congress. Separate legislation would create better access to banking — potentially allowing some small business owners to borrow money to pay for insurance or to cover losses — but it would not give farmers access to federal crop subsidies or encourage insurers to cater to the industry.