Jacob Redmond
Well-Known Member
Marijuana is not yet legal in Ohio. But Westlake-based Cannasure LLC, is one of the top marijuana insurance companies in the United States.
Thousands of businesses nationwide are benefiting from the marijuana industry's rapid growth, but few are in Ohio, and even fewer focus on insurance for the industry, said company owner Patrick McManamon. In 2014, Cannasure grew its customer base 500 percent; he expects the same snowball this year.
The legal marijuana industry grew 74 percent to encompass $2.7 billion in sales last year, according to a study sponsored by Cannasure. Medical marijuana bills are pending in states including Pennsylvania and Nebraska, while legalization campaigns are heating up in Ohio.
And for the first time ever, most Americans support legalizing recreational marijuana, according to a CBS News poll released Tuesday.
Does McManamon want to legalize marijuana here?
Yes.
"I think it's crazy we don't," he said. "Too many people are in jail, too much is being spent not allowing a product that can help a lot of people. Ohio was one of the last states to get casinos . . . so are we going to wait for every state around us before we get in the game?"
McManamon wasn't always so sure about the industry. His mind changed when he visited his California friend hoping to open a dispensary in 2010, he said.
"I was 100 percent skeptical," he said. "Then you start to meet some of the key players actually making this happen and they're not what your perception would be. They're smart, sophisticated, successful people. It's not some get-rich-quick scheme. It's not about getting high. There is true medicine here."
What drew McManamon to the marijuana business?
McManamon used his medical malpractice insurance background to found Cannasure in 2012, after that eye-opening trip to California. His friend convinced him he was missing out on an untapped service in a lucrative industry, he said.
Now the 37-year-old is a major player in the marijuana world. He's said he's spoken for at least 100 audiences in the past year and been featured in news coverage across the country.
How does marijuana insurance work?
Cannasure - which has six employees in Westlake and one in Denver - acts as a broker between insurance and marijuana companies, including dispensaries, growers, doctors and landlords who lease to marijuana business owners.
Cannasure helps its clients obtain insurance coverage for equipment, such as growing lights, as well as the finished product, which is most susceptible to theft.
One reason for the lack of marijuana industry insurance providers is that state regulations generally don't require marijuana businesses get insurance, McManamon said. Traditional insurance companies either don't know how or don't want to serve them.
Who are Cannasure's clients?
Growers and oil extractors make up the largest share of Cannasure's customers, most of which are based in Washington or Colorado, two states that allow recreational marijuana use. The rest of Cannasure's clients are spread evenly throughout Arizona, California, Massachusetts, Nevada and Oregon, McManamon said.
"I think the core of it is not different," McManamon said about insuring marijuana companies. "There's a lot of insurance firms around here who maybe don't have the experience or don't want to put their reputation at risk, whether it's real or perceived."
Are there other marijuana businesses in Ohio?
MAD Farmaceuticals in Rocky River consults with people looking to launch a marijuana growing operation, according to Crain's Cleveland Business.
OdorNo is an odor-free, child-proof bag to store marijuana, manufactured in Solon and Columbus.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Cannasure in Westlake among marijuana industry's largest insurance brokers: 5 questions | cleveland.com
Author: Sara Dorn
Contact: Contact us - Cleveland.com
Photo Credit: Elaine Thompson, Associated Press
Website: Cleveland OH Local News, Breaking News, Sports & Weather - cleveland.com
Thousands of businesses nationwide are benefiting from the marijuana industry's rapid growth, but few are in Ohio, and even fewer focus on insurance for the industry, said company owner Patrick McManamon. In 2014, Cannasure grew its customer base 500 percent; he expects the same snowball this year.
The legal marijuana industry grew 74 percent to encompass $2.7 billion in sales last year, according to a study sponsored by Cannasure. Medical marijuana bills are pending in states including Pennsylvania and Nebraska, while legalization campaigns are heating up in Ohio.
And for the first time ever, most Americans support legalizing recreational marijuana, according to a CBS News poll released Tuesday.
Does McManamon want to legalize marijuana here?
Yes.
"I think it's crazy we don't," he said. "Too many people are in jail, too much is being spent not allowing a product that can help a lot of people. Ohio was one of the last states to get casinos . . . so are we going to wait for every state around us before we get in the game?"
McManamon wasn't always so sure about the industry. His mind changed when he visited his California friend hoping to open a dispensary in 2010, he said.
"I was 100 percent skeptical," he said. "Then you start to meet some of the key players actually making this happen and they're not what your perception would be. They're smart, sophisticated, successful people. It's not some get-rich-quick scheme. It's not about getting high. There is true medicine here."
What drew McManamon to the marijuana business?
McManamon used his medical malpractice insurance background to found Cannasure in 2012, after that eye-opening trip to California. His friend convinced him he was missing out on an untapped service in a lucrative industry, he said.
Now the 37-year-old is a major player in the marijuana world. He's said he's spoken for at least 100 audiences in the past year and been featured in news coverage across the country.
How does marijuana insurance work?
Cannasure - which has six employees in Westlake and one in Denver - acts as a broker between insurance and marijuana companies, including dispensaries, growers, doctors and landlords who lease to marijuana business owners.
Cannasure helps its clients obtain insurance coverage for equipment, such as growing lights, as well as the finished product, which is most susceptible to theft.
One reason for the lack of marijuana industry insurance providers is that state regulations generally don't require marijuana businesses get insurance, McManamon said. Traditional insurance companies either don't know how or don't want to serve them.
Who are Cannasure's clients?
Growers and oil extractors make up the largest share of Cannasure's customers, most of which are based in Washington or Colorado, two states that allow recreational marijuana use. The rest of Cannasure's clients are spread evenly throughout Arizona, California, Massachusetts, Nevada and Oregon, McManamon said.
"I think the core of it is not different," McManamon said about insuring marijuana companies. "There's a lot of insurance firms around here who maybe don't have the experience or don't want to put their reputation at risk, whether it's real or perceived."
Are there other marijuana businesses in Ohio?
MAD Farmaceuticals in Rocky River consults with people looking to launch a marijuana growing operation, according to Crain's Cleveland Business.
OdorNo is an odor-free, child-proof bag to store marijuana, manufactured in Solon and Columbus.
News Moderator: Jacob Redmond 420 MAGAZINE ®
Full Article: Cannasure in Westlake among marijuana industry's largest insurance brokers: 5 questions | cleveland.com
Author: Sara Dorn
Contact: Contact us - Cleveland.com
Photo Credit: Elaine Thompson, Associated Press
Website: Cleveland OH Local News, Breaking News, Sports & Weather - cleveland.com
