Bipartisan congressional lawmakers refiled another marijuana bill on Thursday—this one proposing to provide a safe harbor to insurance companies that work with state-legal cannabis businesses.
The Clarifying Law Around Insurance of Marijuana (CLAIM) Act is being sponsored Reps. Nydia M. Velázquez (D-NY) and Warren Davidson (R-OH). This is the third Congress in a row that the measure has been introduced.
The legislation would protect insurers, brokers and agents from being penalized by federal regulators for providing insurance services to state-licensed marijuana companies. It was filed just one day after House and Senate lawmakers filed a related bill to safeguard banks that work with the industry.
“Insurance companies are often times reluctant to provide coverage to cannabis-based businesses, due to discrepancies between federal and state laws,” Velázquez said in a press release.
Cannabis businesses deserve the same access to insurance as any other legitimate enterprise.
Today, I intro’d the CLAIM Act with @WarrenDavidson to ensure legal cannabis entrepreneurs can get the insurance they need to protect their livelihoods.https://t.co/RwvOE5McMD
— Rep. Nydia Velazquez (@NydiaVelazquez) April 27, 2023
“These promising new businesses have no safety net in place and are left extremely vulnerable to natural disasters or fires that may destroy all
Read full article on Marijuana Moment