NCRMA unveils Trichome, the cannabis-centric insurance solution

The National Cannabis Risk Management Association (NCRMA) has unveiled a suite of insurance products aimed at the cannabis industry via Trichome, an insurance brand owned by its association captive.

Relatively few insurance providers currently offer products to the cannabis industry because it remains illegal at the federal level. According to NCRMA's members, those limited offerings have high premiums and inadequate coverages and services, which has weighed on the success of the industry.

Trichome aims to tackle this issue by providing insurance to cannabis dispensaries and associated grow facilities. Coverages already include property, general premises liability and product liability, with additional lines of coverage planned for later in the year.

Rocco Petrilli, chairman of the NCRMA, insisted effective risk management practices are essential for moving the cannabis industry forward in a sustainable way.

"The launch of Trichome is a direct response to our members’ expressed need for fairly priced and risk management-based insurance coverage to a rapidly emerging and evolving industry,” he explained.

He added: "The NCRMA is 100 percent focused on risk management because risk management without insurance is incomplete and insurance without risk management is illogical. Trichome is the first cannabis-centric insurance solution of its kind, and it's going to change the future of this industry."

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