Medical-Marijuana Insurance a Growing Business

Here comes another signpost on the medicinal marijuana industry’s road to legitimacy: insurance.

Dispensaries worried about setbacks ranging from inventory theft to accidentally sickening a client have a new option: Greenway Insurance.

Los Angeles-based Greenway University, which has been trying to open a Denver campus since January, and Prince Insurance Group of Broomfield announced the product on Wednesday.

“Until today, little to no protection existed for dispensary owners against product loss or illness caused to patients from ingesting any items sold or stolen inventory,” Greenway CEO Gus Escamilla said in a statement.

Greenway University is a for-profit provider of educational courses for people who want to open medical marijuana dispensaries — or “ganjapreneurs,” as some are now calling them.

Pot-oriented insurance isn’t entirely new. Statewide Insurance Services of Rancho Cordova, Calif., already has a medical marijuana specialty division. Medical marijuana dispensary owners also can take out standard commercial property and casualty policies from other insurers.

“Although the type of business is fairly new, the type of insurance that might cover this business risk is traditional,” said Cameron Lewis, director of consumer education at the Colorado Division of Insurance.

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    Editor: Joseph Klare (The Pothead Pundit)
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