I'm discussing all things insurance, risk management, exclusions, and coverages available in the alternative products world.
Hey friends, my name is Stephanie Bozzuto and I co-founded Cannabis Connect Insurance back in 2016 with the premise of providing ethical and responsible insurance coverage and risk management to the emerging cannabis industry.
Fast forward to today, we sold our company to Acrisure, LLC, the number one largest insurance agency in the world where I am a share holder and the Cannabis Practice Leader, helping operators all around the US and the world, insuring their cultivation facilities, manufacturing facilities, retail stores, delivery operations, distribution and beyond.
My clients in the cannabis space are high risk, high reward entrepreneurs. I am honored to serve such a dynamic group of individuals looking to make a difference in the world with natural medicine. Today, many of these entrepreneurs have expanded their footprint to other industries in the health and wellness industry. Sectors such as CBD, CBN, CBG, hemp, natural supplements like lions mane, turkey tale, reishi, chaga (cordyceps), kratom, ketamine, KA VA, and even psilocybin.
As many individuals have lost faith in the current medical system, many have realized that some of our solutions have been staring at us right in the face for thousands of years. Sometimes, less is more. We're seeing a boom in people taking control of their own health and realizing that natural remedies can be just as good, if not better then modern medicines. Don't get me wrong, modern medicine does have an important role in health care. There is no denying that. BUT, I do believe, like many, we need to not forget that natural medicine does have clout and should be further studied, utilized and respected for its own healing properties.
This is why I'm so excited about health, wellness, and alternative medicine. Its taking the power back, in a responsible way and maximizing our own potential.
Why focus just on insurance and loss control in alternative, and natural medicine?
I chose this practice area because through my own personal experience, I have gravitated to natural medicine when western medicine did not work. I also believe to advance this re-emerging industry, we need to roll up our sleeves and be part of the movement. I believe this ever changing industry needs proper coverage for their business and assets. Coverages such as general liability, product liability, workers compensation, inventory for cannabis, hemp, CBD, kratom and other products, commercial auto insurance, industry bonds which are required for cannabis operators, property insurance and much more.
When I navigated into the cannabis industry back in 2015, I saw total marijuana exclusions on their policies. I felt ashamed of the insurance industry and the insurance broker for selling a policy that excludes coverage for the one thing they are doing. That is when I joined the National Cannabis Industry Association and the California Cannabis Industry Association where I worked with other experts in the space, developing education content via white papers, blogs, webinars and podcasts teaching consumers how to be a smart buyer and educating insurance providers on what to look out for in policies.
Today, I'm excited to announce that we are one of the first insurance providers for true kratom insurance as it relates to product liability. We can offer proposition 65 coverage, worldwide coverage and a reasonable deductible versus a retention like many. We have coverage backed by Lloyds of London and have premium pricing and coverage.
2024 Predictions
2023 has been quite the year for many industries, specifically cannabis. I truly believe we will see some relief in 2024. Companies cut down personnel, sold parts of all of their companies, merged with larger operators and so on.
Currently, I'm seeing new growth. Companies have realized that the green rush is kind of over. This is now an industry that has somewhat normalized. Investors are being smart about what they spend money on versus how it was in 2017 where money was being thrown at the wall to see what sticks. This means operators have to sharpen their pencils, properly manage their exposures, their finances and protect their assets.
I'm seeing in the natural medicine space that more insurance products are available. We now have insurance products for kratom, psilocybin and other ingredients that were not available last year. This gives companies proper protection of their assets which in then, opens up more opportunity for investors to safely invest in companies and if there is a catastrophic loss, their company can stay in business and be properly restored by the power of insurance.
I'm excited to be part of your journey in 2024 and thank you for trusting in me to provide risk management, loss control and insurance services.
Disclaimer: Stephanie Bozzuto assumes no responsibility or liability for any errors or omissions in the content of this site. The information contained in this site is provided on an "as is" basis with no guarantees of completeness, accuracy, usefulness or timeliness. This site is not intended for medical advise or legal advice.