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Anybody who’s hoping to get a piece of the cannabis market pie is watching closely as the Canadian government establishes the regulatory framework for production, distribution, and sales.
“Everybody’s holding with bated breath, not only for the date [of legalization], but the issues around four plants per home, which the courts in Canada have deemed is a right of the individual,” said Barinder Rasode, president and CEO of NICHE Canada, who will also be leading an Insurance Business webinar on regulation and distribution of marijuana on June 21. Additionally, said Rasode, “The government already has very stringent marketing by-laws and it looks like the senate’s looking to even take those a step further.”
NICHE is a non-profit organization that educates stakeholders on cannabis production and its use in Canada. For many insurance professionals in Canada, that kind of insight can be invaluable.
“In Canada, we didn’t have a referendum, and a lot of business and professional associations feel like legalization’s been thrown in their lap. What we’re doing is educating people on what legalization means for their particular businesses,” said the NICHE president and CEO.
During the webinar, participants will learn about the distribution channels for cannabis, how coverage may change or need to be rewritten, and the concerns about regulations and compliance that relate to the distribution of medical and recreational marijuana, along with other topics relevant to the regulatory framework around the cannabis space.
What’s legal and what’s not, how many plants will be allowed per home, what kind of insurance do commercial businesses need – the answers to these questions are critical for everyone involved in the cannabis sector, and especially insurance professionals.
“Across the gamut, cannabis legalization is the biggest policy shift we’re going to see in our lifetime and it actually affects every industry, and the insurance industry definitely, because the insurance industry is not going to be able to move with their own regulatory changes until the federal government passes their regulations, the provincial government passes their regulatory by-laws, and also the municipalities,” explained Rasode. “If municipalities choose to allow businesses in their communities, then what do those businesses look like and what kind of insurance will they need?”
Barinder Rasode will be leading a webinar on the regulation and distribution of cannabis on June 21. For more details and to register, click here.
