These are good days for the people of the great state of Illinois. Soon, complete unmitigated disaster known as the criminalization of a plant or its variant that already grows in every part of the state will no longer be a complete criminal justice issue.
I’ll discuss merijuana business insurance, including general liability in a moment, albeit please allow me to give a status of the lay of the land of Lincoln first.
This marks the eleventh state to allow adults to consume marijuana without fear of prison, loss of job, loss of college, and a damaged future.
Who’s the biggest loser? The government is. This will result in less criminal justice resources spent in an attempt to completely control it, fewer criminal attorneys, fewer prosecutors, fewer judges, juries and the drug criminalization industrial complex slowing dramatically down. One of the biggest losers is the prison system.
I’m actually not attempting to be overly dramatic with that last point. When California moved from criminalization to de-criminalization (with the high taxes, some may still debate that contrast), the union representing prison guard workers was highly motivated to keep the status quo.
Who doesn’t lose? The people of the Illinois state. This marks a turning point for freedom. It’s not a complete win. The government isn’t totally letting go. Limits will include a cap of 30 grams, which appears to be just a little over an ounce for those reading this that still use the Queen’s scale (full transparency, I had to look up in Google how much 30 grams is as I’m not a consumer, just an advocate for freedom).
Don’t take this the wrong way, I’m not anti-police. I understand that a few bad apples can give some a bad taste in their mouth, however, let’s face it, being a law enforcement officer isn’t an easy task on the best days. I’m thankful for those that remain true to their oath and know without them risking it all, my family wouldn’t be safe.
On that note, I also think this move is actually really good for police in the long run. It lowers the amount of needless confrontation between the public and police. I’m reminded of when I went to Deadwood SD years ago just after the town legalized poker (and other casino games). I was sitting playing Texas Hold-Em when a law enforcement officer (or maybe two, I don’t recall) walked in and around. I couldn’t help but think to myself that not long before, during the same situation, people would have been arrested and it would have been a bad deal for all involved. After legalization, the officer wasn’t in there to stop me, he was in there to protect me and everyone else. It’s a much better relationship for all in my opinion.
This one act may actually help stem the tide of people leaving the state, which is important because of the anticipated shortfalls if the state doesn’t rein in the outflow of taxpayers. This move will dampen the demand for tax dollars and increase revenue. A win for all, well, all except prohibitionists. and to be fair, their heart is often in the right place, even if their source of information differs from mine.
If you’re a medical user, it appears you will soon be able to grow your own too, which should make for an interesting and growing hobby among medical use card holders.
If you’re thinking of setting up shop and getting in on the money to be made, you’ve come to the right place for marijuana business insurance. The insurance market in the weed industry has grown (cheesy pun, I know) to the point of growers and sellers can obtain reasonably priced general liability, workers’ compensation, and even property coverage.
If you would like to find out what insurance cost for your new or existing marijuana business, please give me a call and let’s have a conversation that includes all the aspects you want to know about protecting your business with insurance that makes sense for you.
Illinois marijuana businesses that obtain first mover advantage are likely to have the ability to position their business in the most advantageous locations and brand their location and products. I believe, we’re living in our own modern-day gold rush as the opportunity to become part of a known highly demanded product becoming legal again after over 75 years of criminalization will not likely happen again in our lifetime.
As with any business, the key is to be as professional as one can, with total dedication towards your clients and deliver the best product available. Those that go into the industry with that mindset are certain to put the best odds they can in their favor.
Those looking for a quick buck are likely to get that too, albeit once the industry begins to mature, and it will, those who are smart and treat it for the long-term are the ones who will reap the greatest results and rewards in selling, growing, and providing secondary services to the marijuana business in Illinois.
Robert Weinstein is a husband, dad, stock market junkie, real estate broker, and of course…Insurance agent. Interests include my family, economics, marketing, technology, real estate, finance/investing, history, and Asia.
Robert’s insurance expertise includes having the designation of Certified in Long-Term Care (CLTC) and assist in asset protection for families with members entering retirement.
Robert is also an accomplished syndicated writer whose work can be found in TheStreet, MainStreet, CNBC, Forbes, Yahoo Finance, Seeking Alpha, MSN Money, The Money Show, Stock Saints, Motley Fool, Fidelity, Minyanville, RealMoney Pro, and many national and international newspapers.