The Institutes

Understanding Local Pricing Is Crucial For Cannabis Claims

 Tuesday, March 10, 2020

 Insurance Business

Cannabis businesses face a wide array of risks and obstacles. Arguably one of the main exposures to impact the industry so far is theft.

As the medical and recreational cannabis markets continue to expand into new states, theft claims involving cannabis-related stock and/or raw materials are also on the rise.

Adjusting cannabis theft claims can be challenging due to the significant variations in pricing, not only from state to state but also over time, according to Gerrit Nagarwalla (pictured), claims supervisor at Canopius Group, and panelist at Insurance Business America’s upcoming Cannabis Cover Masterclass in Denver and Los Angeles in March 2020.

In July 2019, Confident Cannabis — a lab testing software provider for the wholesale cannabis industry — released a report on the pricing trends in the Oregon cannabis market, in which the firm states: “It’s growing in value. Prices for flower continue to increase. $500 pounds are now almost as mythical as unicorns. They’re said to exist, but they are very hard to find.”
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