A report by The Star cites the recent Supreme Court ruling as an opening of the floodgates for producers of medical marijuana products that go beyond the basic bud. As a side effect, insurance for marijuana has suddenly become very likely.
“You’re going to see insurance companies slowly start to creep into the sector,” Khurram Malik told The Star. Malik is an analyst at Jacob Securities, Inc., an investment firm that has recently focused its efforts on the burgeoning cannabis market in Canada. With medical cannabis already legal and large movements toward widespread legalization for all purposes across the country, there’s nothing but opportunity on the horizon for potential investors.
Before the Supreme Court’s decision, only dried plant material was obtainable within the law. Concentrates and edible formats were banned due to a lack of understanding regarding their use. Many simply saw them as dangerously potent versions of the medicine, rather than alternative methods of consumption. Not all patients can smoke dried herbs effectively.
Gel caps and alternative formats that allow for precision dosing have already hit the market. This has garnered respect from many health officials who were skeptical about creating a treatment plan based around an imprecise method of scheduling doses.
This means insurance agencies can get on board with less fear regarding lawsuits or retribution from those who disapprove of (and are likely misinformed about) medical cannabis.
Insurance for marijuana would not only help to eliminate black market interference, it would pave the way for tolerance and legitimization at a critical time.