The National Cannabis Risk Management Association

The National Cannabis Risk Management Association with Rocco Petrilli, chairman of the NCRMA, and Chief Risk Management Officer Alex Hearding. Our next guests are returning guests to the program. They represent the Nation’s only dedicated cannabis risk management association, a pioneering, innovative, groundbreaking risk management platform providing non-traditional offerings for a non-traditional industry. Like many organizations, the NCRMA has had to pivot to a more virtual setup to re-establish the lines of communication. We talk about the adjustments that their team has made due to the pandemic. NCRMA has also published concerns about ergonomics in the cannabis industry that are emerging as workers experience injuries due to their operational tasks. Unfortunately, traditional crop insurance isn’t available for outdoor cannabis cultivators, primarily because of a lack of data on yield performances – and the impact the weather has on yields. Insurance companies don’t create policies until they have the data to back the policy. But meanwhile, the growers are assuming all the risk. Enter parametric insurance.

The National Cannabis Risk Management Association

Parametric insurance is a program that pays out after a certain parameter is met. In the case of cannabis growers, the parameters are weather-related. The policy is triggered when the weather varies from the average – if there is too much rain during a specific period of time, for example, or an occurrence of large hail. Because the policy is related to average weather, it has to be tailored to the specific growing region – which means the parameters for Colorado won’t be the same as a policy for Maine. NCRMA has launched the NCRMAcademy designed to offer its members training and resources needed to protect and grow their business.(NCRMA) has released a collection of four courses in its NCRMAcademy that will focus on ergonomics and the prevention of workplace injuries in the cannabis industry. The courses will be presented by Alex Hearding, NCRMA’s chief risk management officer, and Dr. Chris Hughes, a professor, and physical therapist with Atlas Performance Technologies specializing in orthopedic physical therapy and biomechanics.

Blunt Business

Dispensing Cannabis business knowledge beyond a million square feet of cultivation space. Blunt Business will navigate the challenges and opportunities of one of the most profitable industries on earth. Join us each episode to hear our weekly round tables and interviews with industry professionals.