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Wilson Elser Assists the National Cannabis Risk Management Association with First-of-Its-Kind Cannabis Insurance Captive

Los Angeles (April 28, 2021) – National law firm Wilson Elser announced today that the firm assisted the National Cannabis Risk Management Association in its rollout of a first-of-its-kind cannabis insurance captive.

Ian Stewart, co-chair of Wilson Elser’s national Cannabis Law Practice, said the firm provided NCRMA with cannabis-related regulatory advice and counsel, and prepared consulting reports used to answer questions on cannabis-related underwriting and claim risks.

“The groundbreaking launch of this product line marks a substantial step forward in the availability of cannabis-centric alternative insurance solutions,” said Mr. Stewart. Ross Ellick, an essential member of the firm’s leadership and a skilled practitioner in handling legal matters for self-insureds and captive insurance companies, agrees. “The captive model provides benefits that are ideal for well-managed cannabis companies interested in retaining risk,” said Mr. Ellick.

In announcing the captive insurance products, NCRMA said they will be available through Trichome, an insurance brand that is part of the association captive owned by NCRMA.

That entity will initially offer property, general premises liability and product liability coverage to cannabis retail and cultivation facilities.

“The launch of Trichome is a direct response to our members’ expressed need for fairly priced and risk management‒based insurance coverage for a rapidly emerging and evolving industry,” said NCRMA Chairman Rocco Petrilli.

Because insurance is only one part of any company’s effective risk management strategy, the captive model provides financial and operational advantages by also delivering effective risk management services to its members.

The NCRMA is a not-for-profit that provides its members with risk management and insurance solutions through its service partners and offerings.

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