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OG Cannabis Insurance Blog

The insurance game is an ever-changing environment, especially in the Cannabis Dispensary Insurance sector. There are a variety of different factors (e.g. cannabis laws and policies) that can affect the way your insurance works and how you and your business are covered.

The OG Cannabis Insurance blog keeps you up to date on cannabis insurance, laws and policies, and dispensary insurance news so you can be proactive on protecting yourself when the unexpected happens. We update our cannabis insurance blog regularly so check back soon for more posts!

Liability Coverage for Cannabis and Hemp Businesses in the US

Cannabis plant of the Cannabaceae family. It is popular with the terms marijuana, weed, or pot in slang. Marijuana is a species of Cannabis Sativa L. Cannabis often refers to the species cannabis Sativa L and is known to contain different varieties of cannabis. Cannabis Sativa, Cannabis Indica, and Cannabis Ruderalis. However, Cannabis Sativa and Indica Cannabis species are more popular than Cannabis Ruderalis. Each species has different qualities and effects. For example, marijuana gives a feeling of euphoria while Sativa Cannabis Indica gives the ‘body high’. For their effects, Cannabis Sativa plant or marijuana plant is popular for the recreational market while Sativa Cannabis Indica plant for medicinal purposes. Today, it is easy to tell the difference between hemp, marijuana, and cannabis.

Cannabis plants contain chemicals, cannabinoids. They interact with the body to get you high. The cannabis plant has over 110 cannabinoids. The most famous chemicals are CBD Cannabidiol and tetrahydrocannabinol THC. CBD is a medical chemical in cannabis while THC will get you high. However, THC has traces of medicinal properties. THC is responsible for the effects of the drug. The two contain the same chemical composition but the difference arises in these chemicals’ arrangement.

Cannabis is historically smoked or HTC oil extracted from it and consumed. Today, cannabis is turned into THC oil, pills, and mucosal sprays for medical use. It is consumed in other forms for recreational and wellness purposes.

With the chemical compounds in cannabis plants, CBD products extracted from cannabis have many health benefits but unfortunately, the most magnified side is their psychoactive capabilities. CBD may be derived from both hemp and marijuana but the unique characteristics of hemp-derived CBD make them different. The THC level is however the major distinction between hemp and marijuana.

CBD oil is a pain reliever. 

When CBD reaches the endocannabinoid receptor, it reduces inflammation. CBD combined with THC treats pain related to multiple sclerosis and arthritis, reducing anxiety and depression. CBD oil can alleviate cancer-related symptoms.

CBD oil reduces acne.

From recent studies, CBD oil can help treat acne due to its anti-inflammatory capabilities and ability to reduce the production of sebum.

CBD oil and CBD products have cardiac benefits

They enhance the circulatory system, lowering the chances of high blood pressure. CBD oil with less THC or 0.3% THC is recommended, though illegal under some state laws.

Cannabis and hemp

Hemp plants and cannabis Sativa plants belong to the same plant species with one of the varieties of cannabis, the Cannabis Sativa. Hemp plants come from the male plants while weed or cannabis from female plants. Less THC content in cannabis and hemp plants remains the main difference between hemp and cannabis. The hemp plant contains 0.3 percent THC hemp content in dry weight. People presume cannabis is a drug while hemp is not.

These numbers vary among countries. Industrial hemp is a Cannabis sativa plant with less than 0.3 percent THC in the USA.  The European Union however has its own limitless than 0.2 percent THC content. In Great Britain, HTC content is zero, unless farmers have a license of cultivation to grow industrial hemp with less than 0.2 percent THC content.

Other differences between hemp and cannabis are that industrial hemp is used in some production of industrial products. Today hemp helps come up with products such as paper, the skin produces, building materials, plastic, rope, including paper clothing, etc., while cannabis is used for medical and recreational purposes.

Hemp strains contain low THC and high CBD content thus do not produce intoxicating effects when consumed.

Hemp is preferred for industrial use, hence the term industrial hemp for different reasons. Its stem quality is good, it is resistant to diseases and pests. Hemp seed production per acre is impressive.

Hemp and marijuana produce CBD. CBD made from hemp is more in quantity, and referred to as CBD dominant strains of cannabis.

The CBD marijuana oil (cannabis oil) contains a high amount of THC, thus CBD oil derived from hemp is also acceptable and usable. It treats acne, anxiety, and depression, etc. Hemp is seen as a potential source of biofuel. Hemp plants and hemp seed can be treated to generate ethanol or alcohol fuels. Cannabis seeds have the potential for biofuel.

Hemp is a good source of protein, vitamins, minerals, and fiber. Thus, hemp has nutritional value when consumed with raw seeds, hemp milk, or oil. Hemp seeds are a source of arginine, gamma-linolenic acid that reduces chances of cardiac arrest. Hemp seeds help in digestion due to their high fiber content. Hemp seeds and oil also improve skin conditions. Hemp seeds bring hormonal balance to the body. However, hemp has such side effects as breast pain and depression. Lastly, hemp seeds are food you could survive on.

Hemp vs marijuana

Hemp had been illegal since 1970 under the Controlled Substances Act. The Controlled Substances Act stayed in force, making hemp illegal, until the 2018 farm bill was passed, The Agricultural Improvement Act. The farm bill was passed to legalize hemp. Looking at hemp vs marijuana will shed light on the similarities between hemp and marijuana. A combination of marijuana and hemp constitutes marijuana hemp. Marijuana and hemp share plant species, though different from legal and chemical perspectives. Marijuana has high levels of THC, causing intoxication when consumed.

Marijuana is sold in a different form. One of the products of marijuana plants is the dried and cured flower. Like hemp, marijuana is extracted to create concentrated extracts and sold as topicals and other food products. People harvest marijuana and cultivation hemp for different purposes and thus the growing conditions must differ significantly.

What is liability coverage?

Liability insurance is an insurance product to an insured party for protection against claims resulting from injuries and damage to other people or property.

Why should cannabis businesses get liability insurance?

Liability insurance policies cover any legal costs and payouts an insured party is responsible for if they are found legally liable. Intentional damage and contractual liabilities are mostly excluded from liability insurance. This insurance policy pays third parties, unlike other insurance policies. It is important for businesses to get cannabis business liability cover to shield against various market risks to ensure business continuity.

What are the benefits of having this type of insurance for my business?

The cannabis industry is growing and projected to generate $22 billion by the end year. With this growth, it is necessary to have cannabis businesses insured to protect businesses from potential risks. A strong policy will protect cannabis businesses against potential risks.

There are a number of advantages to cannabis insurance. The first is protection from unfortunate events. Cannabis insurance policies are generally customized to meet unique insurance needs. However, a higher level of protection comes with higher premiums. Basic protection also covers liability issues and settlement-related legal fees incurred by the business.

Protect Your Cannabis Business, Contact the Experts at OG Cannabis Insurance

With over 18 years of experience in the industry, OG Cannabis Insurance has built strong ties with the most experienced agencies, making it easier for us to offer liability insurance for marijuana plants, cannabis, and hemp. We link our customers to dedicated insurance agents/brokers to serve their needs. Our covers contain packages even for the most complicated cases of cannabis plants marijuana plants and the hemp plant. Contact us on (877) 473-7979 to get a quote today.

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