For today's weed news we go to our great capitol of Washington DC.
Since Cannabis remains a federally illegal substance in the US, business owners in the Cannabis space face an abundance of additional, in my opinion unnecessary, roadblocks and challenges when running their business. Besides the obvious problem of not being able to use banks, like virtually every other type business can, there is also another very significant problen that cannapreneurs have to deal with. And that is the issue of insurance.
As it stands right now, insurance companies can face severe repercussions from the federal government should they choose to ensure cannabis-related businesses. The feds have the power to impose several different penalties, whether monetary or other on insurance companies who choose to do business with companies in the Cannabis space. And therefore, a lot of them are scared to touch anything weed-related with a ten-foot pole.
But luckily, there is a new bipartisan bill that has just been introduced which hopes to change all of that by taking away the feds' power to interfere with insurance companies who provide policies for weed businesses.
The bill I am talking about, originally sponsored by Senator Bob Menendez, is called CLAIM, which stands for clarifying law around insurance of marijuana. The bill was also co-sponsored by Senators Jeff Merkley, Kevin Cramer, as well as Senator Rand Paul.
"Current federal law prevents these small business owners from getting insurance coverage, and without it, they can't protect their property, employees, or customers... We can solve this problem with legislation that allows insurance companies to provide coverage to these enterprises without risk of federal prosecution or other unintended consequences, said Senator Menendez.
I feel like it's about damn time somebody proposed something like this. At this point, in the year 2019, all of this posturing among old, out-of-touch lawmakers about the evils of the devil weed is really starting to sound lame and even humorously silly if you ask me.
But regardless, shoutouts to all the Senators involved in putting forth this bill. That shit makes a lot of sense and you guys are definitely doing the right thing by starting up a conversation about it on Capitol Hill.
That being said, why don't we just legalize weed already and stop all the bullshit with the banks and the insurance and the traveling across state lines and all of that. You know what's going to happen. We all just got to keep on taking action man. As I'm sure you guys have noticed, our voices are being heard more and more as time goes on.
But anyway, for right now that's what's up in Washington DC!
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