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Dec 25, 2018

Patrick McManamon is the founder and managing director of Cannasure Insurance Services, a company that offers marijuana business insurance for dispensaries, collectives, physicians, and growers in medical and recreational marijuana legalized states. Apart from managing Cannasure, Patrick is also a regular speaker at the National Cannabis Industry Association events and has delivered keynotes about cannabis insurance and risk management in various states. Due to his expertise, he has been interviewed by media outlets such as the Wall Street Journal, CNN, and Bloomberg News.

Patrick joins us today to share the state of the cannabis insurance industry and how they help sellers with their insurance products. He explains the inspiration behind the company and what they intend to accomplish. He describes how the cannabis industry is growing and how marijuana has become accepted by most politicians and medical professionals. He also discusses the different regulations for this industry as well as describe just how strict state laws are when it comes to marijuana selling.

“This is one of the few industries where you have to do a lot of due diligence simply because it is so new.” - Patrick McManamon

Today on Spot On Insurance:

  • How Patrick found a career that links both cannabis and insurance.
  • Taking advantage of the medical cannabis boom.
  • The career challenges he faced along the way and how he overcame them.
  • How they succeeded in this type of industry.
  • Why politicians and medical professionals’ views are starting to change when it comes to marijuana.
  • Is the marijuana industry an unbanked industry?
  • Strict regulations when it comes to procuring medical marijuana.
  • Will recreational and medical use eventually split into two markets?
  • What multistate vertically structured cannabis operators are and some examples.
  • The type of technologies used in marijuana dispensaries.
  • What Cannasure is, what they do, and the products they offer.
  • The forecast for nationwide legalization of marijuana.

Key Takeaways:

  • FDA involvement can add regulatory hurdles and make the already strict rules stricter.
  • As with any industry, competition in the cannabis industry helps keep everybody honest.
  • Every state law is different. If you just assume, you're going to get burned.

Resources Mentioned:

Connect with Patrick McManamon:

This episode was brought to you by…..

Insurance Licensing Services of America (ILSA), America’s Premier Insurance Compliance and Licensing experts. To learn more about ILSA and their services, visit ILSAinc.com.

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