Bipartisan congressional lawmakers refiled another marijuana bill on Thursday—this one proposing to provide a safe harbor to insurance companies that work with state-legal cannabis businesses.
The Clarifying Law Around Insurance of Marijuana (CLAIM) Act is being sponsored Reps. Nydia M. Velázquez (D-NY) and Warren Davidson (R-OH). This is the third Congress in a row that the measure has been introduced.
The legislation would protect insurers, brokers and agents from being penalized by federal regulators for providing insurance services to state-licensed marijuana companies. It was filed just one day after House and Senate lawmakers filed a related bill to safeguard banks that work with the industry.
“Insurance companies are often times reluctant to provide coverage to cannabis-based businesses, due to discrepancies between federal and state laws,” Velázquez said in a press release.
Cannabis businesses deserve the same access to insurance as any other legitimate enterprise.
Today, I intro’d the CLAIM Act with @WarrenDavidson to ensure legal cannabis entrepreneurs can get the insurance they need to protect their livelihoods.https://t.co/RwvOE5McMD
— Rep. Nydia Velazquez (@NydiaVelazquez) April 27, 2023
“These promising new businesses have no safety net in place and are left extremely vulnerable to natural disasters or fires that may destroy all
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