Post date: 8/21/2018

The medical industry in the United States has been facing many issues due to banning marijuana consumption across the US. Though some of the states in the US have legalized cannabis, however, most of the states are still not considering marijuana as an important medicine.
Recently, the National Association of Insurance has formed a group to solve many problems related to cannabis in the United States. Despite being illegal, the federal law and The National Association of Insurance Department have been relentlessly working on the rules of selling and purchasing cannabis across the United States.

The Insurance Group

According to the National Association of Insurance Commissioners, the officials have formed a general group. The group will be chaired by the California Insurance Commissioner, Dave Jones. The group will be called The Cannabis Insurance Working group.
It is said that the group was formed following unpleasant Wildfires that took place in Northern California Last fall. The events affected large parts of the cannabis industry. It wasn’t until June of 2018 that the Cannabis Insurance Working Group was form.

The services by the Group

The Cannabis Insurance Working Group will cater to a wide range of services in the industry. Primarily, the group will be responsible for solving cannabis-related problems such as the scope of insurance coverage, availability of insurance, seed-to-sale tracking, workers’ compensation and other issues.
On the consumers’ front, the group will take care of the consumer protection and information. As the consumers face many problems while purchasing marijuana or related products such as medicines, the group will take care of them as well.

General Issues in Marijuana Industry

Considering marijuana as schedule 1 drug, the federal law is yet to make it legal in the United States. However, the medical industry, especially the registered dispensaries continue to sell MMJ within the states guidelines. The biggest issue consumers and merchants face is the ability to process with electronic payments. Due to the absence of public banking channel, private vendors are providing marijuana banking solutions to the consumers and sellers in this industry.

Private companies are not only providing cannabis merchant accounts but also helping in cannabis payment processing, CBD credit card processing, debit card, and gift card processing for the dispensaries and dealers


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