MJBiz - July/August 2024 - 55

VIEWPOINT
Product-liability insurance can protect operators from financial losses. Photo by stock.adobe.com/Yanukit
isn't a covered peril such as hail
or fire.
Gap coverage provides peace
of mind and helps ensure
financial stability in the face of
unexpected production issues.
Yield coverage is another
valuable addition: It financially
protects cultivators if their
yield falls below a set amount
stemming from insurable causes,
such as disease or pest infestation.
This helps mitigate the
economic impact of crop losses
and ensures financial resilience.
These enhanced options
represent a significant step
forward for cannabis insurance.
They offer cultivators greater
peace of mind and the ability
to focus on growing highquality
cannabis, not worrying
about financial ruin because of
unforeseen circumstances.
As the cannabis industry
matures, so does its insurance
landscape, with innovative
solutions sprouting to protect
this niche agricultural market.
Product Liability
The CBD market is soaring, with
infused products lining shelves
from cosmetics aisles to grocery
stores. However, this booming
market comes with a growing
concern: product liability.
Here's the gist: The rise in
CBD products coincides with a
significant increase in product
liability claims.
Consumers, often unaware
of potential side effects or
interactions with medications,
might experience adverse
reactions to CBD products. Even
unfounded lawsuits can be
financially devastating for
businesses.
This is where product-liability
insurance acts as a safety net
by protecting businesses from
financial losses associated
with lawsuits alleging bodily
injury, property damage or false
advertising.
In today's CBD craze, productlability
insurance provides
a vital shield for businesses,
allowing them to focus on
innovation and growth while
protecting them from the
financial fallout of unforeseen
product-liability claims.
The future of cannabis
insurance is blooming with new
options, innovative solutions and
a potential softening market,
paving the way for a more
secure and prosperous cannabis
industry.
Isaac Bock is the managing
director and head of
strategy for AlphaRoot.
You can reach him at
isaac@alpharoot.com.
mjbizdaily.com | July-August 2024 55

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MJBiz - July/August 2024

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MJBiz - July/August 2024 - 1
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