Insights into the Year 2020 from the Business Insurance Center
Since Oregon decriminalized the use of cannabis in 1973, states across the U.S. have fought constantly to get the plant legalized. Fast forward more than 40 years later in which the federal government formally legalized low-THC hemp nationwide through the 2018 farm bill. Throughout this transition, entrepreneurs like you have seen the potential and are ready for more growth and prosperity in the industry.
Continued growth in this sector requires hard work and forethought to protect your investments, products, and employees. When seeking out cannabis insurance providers, consult with an experienced broker at the Business Insurance Center. We understand the milestones reached, the mountains still to climb, and are ready to help with plans to safeguard against loss. Find out more when you call us today.
Cannabis Predictions for 2020
With so many obstacles already overcome, what more can be in store for this blossoming industry? According to an article at GreenEntrepreneur titled “20 Bold Predictions for the Cannabis Industry in 2020,” there is plenty more on the horizon. Here are a few highlights we found:
- Growth will be slow, but profits won’t: Several opinions suggested that many cannabis companies will choose to shift their focus from that of growth to making choices that will result in a stronger business position. The customer will ultimately benefit from the innovation and product effectiveness that will follow.
- Better experience for the consumer: Several contributors suggested that many entrepreneurs will spend time making the overall customer experience better. Personalized purchasing through digital check-in systems and faster onset times of edibles are a couple of examples given.
- Companies will be in a do or die situation: For those businesses that are not yet making a profit, they may not last. The ones who are making a net profit, building their brand, and finding ways to be more sustainable will only strengthen their position in the market. We may see more consolidation among the farm industry.
- Regulations may tighten without squelching: Testing requirements for laboratories will get stricter, especially as best practices evolve. The FDA will provide more guidance and clarity around the concentration limits for the retail consumer.
- Education will be a priority. There are still many misperceptions in the industry. Companies trying to gain the trust of the consumer will work harder to test their product to ensure their safety.
Join the Growth – Buy Cannabis Insurance from the Business Insurance Center
No crystal ball will reveal the different risks you may face. Cannabis insurance providers like the Business Insurance Center help entrepreneurs and small business owners like you navigate through this exciting market. We understand the most important issues at hand and offer plans to protect your growing operation, dispensary, laboratory, or manufacturing plant. Talk to us today about the best options for you and your enterprise.
Request a quote online or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator.