Following Canada’s approval of marijuana legalization, one of the earliest brokers that offered insurance solutions to cannabis producers has voiced its support for the federal government’s decision.
Earlier this week, senators voted 52-29 in favor of Bill C-45, which was sponsored by Sen. Tony Dean. The bill – also known as the Cannabis Act – would legalize cannabis throughout Canada, particularly when combined with another legislation: Bill C-46, An Act to Amend the Criminal Code.
“This historic legislation is transformational for the cannabis industry and we are pleased to see Senate approval,” said Rod Campbell, CEO of Jones Brown, in a statement. “Our clients remain our first priority and we are committed to ensuring their risk exposures are met with the appropriate insurance coverage and prudent risk management advice. We look forward to what the marketplace has in store.”
Jones Brown claims to be the first insurance broker to provide cannabis insurance in Canada; the privately-held company has also been advocating for proper coverage for the cannabis industry since 2010. Jones Brown offers cannabis producers a range of insurance solutions, including for product liability, management liability, physical assets, inventory loss including crop contamination, business interruption and revenue protection, and cyber liability.
“We are proud to stand with our clients in the cannabis industry in welcoming this milestone. Our expertise and long-standing relationships with underwriters are especially favourable as we look forward to the arrival of the recreational market,” commented Leslie Ducommun of Jones Brown’s cannabis practice team.
In a release, Jones Brown promised that as the cannabis industry continues to grow, it is “committed to continuing to provide innovative, and tailored insurance solutions across the country.”
