ALM Announces New Course on Managing the Risks of Cannabis-Related Businesses

NEW YORK – The National Underwriter Company, an ALM business, is launching the second course in the multi-course Cannabis Insurance Coverage Specialist (CICS) designation, Managing the Risks of Cannabis-Related Businesses.

“We know that there are specific risks involved in managing cannabis-related businesses. With this course, we wanted to provide critical information for professionals insuring, representing or serving the cannabis industry, as well as growers, suppliers, manufacturers, dispensaries and others who are critical to this still-evolving industry,” notes Molly Miller, ALM’s chief content officer.

Managing the Risks of Cannabis-Related Businesses is a follow-up to Cannabis Insurance 101. In focusing on the risks inherent in cannabis-related insurance, this course takes a look at some of the most pressing issues related to risk, beginning with a general overview of risk management, theories and options related to controlling risk, and the steps necessary to implementing a viable risk management program. Next, we examine types of risks, including supply chain threats and risks related to federal and local regulation, as well as cultivation, manufacturing, retail, and legal issues. Finally, the course looks at insurance and exclusions affecting cannabis-related insurance such as criminal exclusions and health and hazard issues.

“I am thrilled to have the opportunity to work with ALM/National Underwriter on this project because education on insurance and risk management is so important to the cannabis industry, which faces constantly evolving legal risks and compliance challenges. I want to emphasize that risk management (and insurance as a component of risk management) should not be an afterthought – it should be built into every cannabis business plan,” explains Jodi Green, course subject matter expert and an attorney on the cannabis and insurance recovery teams with Miller Nash. “My hope is that this course will help bridge the knowledge gap between the insurance and cannabis sectors to open up the availability of insurance to the cannabis industry and ensure that cannabis companies are operating safely and effectively to avoid unnecessary losses.” To hear more from Green about this course, listen to the November 17 edition of the PropertyCasualty360 Insurance Speak Podcast.

Managing the Risks of Cannabis-Related Businesses and the CICS designation program have been submitted for continuing education credits in the following states (Approval Pending):

• Arizona
• Illinois
• Ohio
• Washington State
• California
• Colorado
• Nevada
• New York
• Oregon

Marijuana legalization is increasing across the United States, and more and more organizations have connections to cannabis-related businesses, which have unique insurance and risk management needs. Along with Cannabis Insurance 101, Managing the Risks of Cannabis-Related Businesses and the Cannabis Insurance Coverage Specialist (CICS) designation can help anyone understand the key issues, risks and business needs to be successful in operating and advising a cannabis-related business.

(This information is primarily sourced from ALM.  Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).