Cannabis Safe Harbor Bill Introduced
Producers and insurers could receive protection for providing services to cannabis-related industries deemed legal at the state level thanks to safe harbor legislation introduced recently in the U.S. House and Senate.
The rise of cannabis-related industries nationwide presents a challenge for producers and insurers who struggle with the disparity between federal law, under which cannabis is considered illegal, and the majority of states that have legalized some form of marijuana use. The Clarifying Law Around Insurance Marijuana (CLAIM) Act would provide a federal safe harbor for insurers – including independent agents and brokers – engaging in the business of insurance with cannabis-related businesses, and would protect them from liability under any federal law of regulation.
The bill is sponsored by Sens. Bob Menendez (D-New Jersey), Rand Paul (R-Kentucky), Jeff Merkley (D-Oregon), and Kevin Cramer (R-North Dakota), as well as and Reps. Nydia Velazquez (D-New York) and Steve Stivers (R-Ohio). Currently, the legislation awaits consideration in the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee.
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