Business
Cannabis 360 Insurance: Protecting Assets for Half a Century
26622 Woodward Ave Ste. 200 Royal Oak, MI 48067
(517) 712-5577
www.cannabis360insurance.com
How would you describe your company? What is your specialty?
We specialize in providing insurance and risk management services to the cannabis industry. We provide policies such as general liability and product liability, property, crop and workers’ compensation, while also providing bonding and employee benefits solutions. We truly appreciate all of the cannabis businesses on the frontlines of moving the U.S. cannabis industry forward. We are passionate and thankful for the opportunity to support and protect them as they do so.
What do you offer consumers/clients that others don’t?
We have 50 years of insurance, bonding and employee benefits experience in our office. Cannabis 360 Insurance is a division of the McNish Group, which has been a Michigan-based independent insurance agency since 1968. Our position in the broader insurance marketplace allows us the leverage to develop and implement the strongest solutions for our clients. We are licensed to do business in all 50 states.
How and why did your company start up?
McNish Group has been insuring cannabis operations since 2015, with our first clients located in New Mexico. As the U.S. industry continued to move forward, we saw the need for an experienced, knowledgeable and independent agency to enter the market and provide sound risk management services to businesses. Furthermore, when we look at the cannabis industry, we see an enormous opportunity for diversity, inclusion and growth. Providing protection through strong risk management practices is our way of supporting the advancement of cannabis businesses.
With the changing landscape of medical and recreational cannabis, what do you see as the biggest challenges to your progress as a company? Any advantages?
Our role as an ancillary cannabis business certainly insulates us from some of the challenges faced by front line businesses. However, our challenge is largely the same in the U.S. market–the federal government’s lack of support of the industry. Until the federal government fully supports legalization of the cannabis industry, the insurance marketplace will continue to be limited, which means our clients will face continued barriers to access of affordable, broad coverage insurance policies.
That same challenge is also our advantage. While the insurance marketplace is limited, our previously established relationships with partner companies allow us to differentiate from the other insurance providers in the industry. Additionally, being involved in the industry now, allows us to give our clients a voice and influence for the future development and implementation of insurance coverages.
What words of advice would you offer anyone seeking to enter the world of cannabis business?
Follow a passion, not a dollar. By following your own passions related to the cannabis industry, you will ultimately find your place within the industry. There are many ups and downs, so the “fast dollar” is a false hope in my opinion. You will need to build strong relationships, and contributing to the overall success of the U.S. cannabis community is key.
What are the goals and vision moving forward, for your company? Where do you see your company in five years?
Moving forward, our main goal is to maintain the same level of service and support that we provide to our clients today. We are currently available in all states that have legalized cannabis, and our goal will be to maintain a committed pace at the state level. At the same time, we will continue to add services and tools that positively impact our clients. Cannabis businesses will be growing and encountering many changes in the coming years. We want each client to feel that our agency is an extension of their team.
In five years, we expect to not only support businesses in all legal cannabis states, but we fully expect to have a physical presence in multiple states. Additionally, we hope that our advocacy in each state for an expanded insurance marketplace will continue to provide clients with broader, more affordable, insurance products.
What do you hope to accomplish in the cannabis industry?
We hope to be a trusted, key risk management partner for all businesses entering and operating in the cannabis industry. Our commitment to service and further promulgation of the industry will position us well to accomplish this goal.
