Ian Stewart (Partner-Los Angeles, CA) was quoted in “Cannabis Sector Sees Positive Signals from Biden Administration,” an article in the April 13, 2021, edition of Business Insurance online. The comments are from an April 8 panel discussion for Business Insurance’s 2021 Cannabis Update: Insurance & Risk Management Implications, session one, “State of the Industry.” While there appears to be a “domino effect” among states indicating that they will legalize or further legalize cannabis in various forms, Ian noted that senators and representatives from states that have legalized cannabis could be more supportive of federal legislation such as the SAFE Banking Act. “At the state level, things are not slowing down,” he said, and the Clarifying Law Around Insurance of Marijuana Act of 2021 is “very explicit in terms of what it allows for insurance companies specifically and insurance products.” The CLAIM Act could help broaden insurance markets for cannabis operators, he said. “The markets for management liability coverage, including directors and officers and errors and omissions insurance, have been particularly difficult and could benefit from expansion.”

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