There is no faster growing industry than the Canadian cannabis industry. We are here to share our knowledge and help make the insurance process simple for your cannabis business.
Cannabis sales have been rising month-over-month this year, accelerating since the COVID-19 pandemic was declared in March. As of July 2020, Alberta has the second highest cannabis sales in Canada, following behind Ontario. By the end of this year, Alberta’s legal cannabis sales are expected to reach $540 million. This reflects the fact that Alberta…
Image rights: Canada Revenue Agency Becoming a licensed producer or other cannabis licensee in Canada can already be a complicated process. Cannabis excise stamps are government-issued stamps that need to be pasted onto cannabis product packages prior to sale in Canada. Excise stamps confirm that the producer has paid the federal excise tax to the…
Ontario residents spent a whopping $313,700,000 on retail cannabis in the first full year of legal operations, according to the Ontario Cannabis Store insights report. While Ontario may be the most populous province, that is not the case when it comes to number of cannabis stores. Fortunately, they are looking to make up ground with…
“To further contain the spread of the novel coronavirus COVID-19, provincial governments across Canada have ordered the mandatory closure of all non-essential businesses and services. One industry that is exempt from the mandatory closures, and therefore deemed essential, is the cannabis industry. All licensed cannabis producers and stores have so far been allowed to remain…
Author: Insurance Business Canada IBC: How have you seen the insurance market for cannabis risks evolve since recreational use was legalized? Kevin Lea: The market for cannabis insurance in Canada has been slowly evolving since legalization. We’ve seen the continued strength of the MGAs and other wholesalers generally dominating the sector, similar to the way it…
Canada’s legal cannabis market is highly regulated, putting it under the microscope for any products that fall short of these regulations. Product recalls are issued when a license holder or Health Canada becomes aware that there may be a health or safety risk present in a cannabis product or if the product does not meet…
Canadian cannabis companies should be thinking strategically about future expansion into some of the larger markets, such as Europe and the United States. Although doing so won’t come without insurance implications. “We are certainly seeing some complexities there. Some of our clients and other companies within the industry are looking to do cross-border operations,” said…
Final regulations were released by Health Canada on June 14th for the next wave of cannabis products including edibles, extracts, and topicals, which will come into effect on October 17th this year. It didn’t come as a surprise that Health Canada has made protecting public health and safety its top priority in their final regulations.…
Author: Insurance Business Canada The rollout of cannabis legalization in Canada has been anything but smooth, but the insurance market is continuing to evolve and change for the better. “There are now more providers who are cannabis specialists that are operating at higher capacity – they’re adding staff to deal with the inflow of submissions and…
Budding cannabis businesses have a variety of licence classes and subclasses to choose from. One of these is the nursery designation, which provides a unique opportunity for those interested in cannabis genetics to develop new varieties of high-quality cannabis and to then sell those strains to other cannabis producers who in turn will grow them…