Company Offers Employee Benefits to Cover Medical Cannabis
[dropcap class=”kp-dropcap”]C[/dropcap]annabis companies are becoming mainstream at a dizzying pace, and now benefits that cover medical cannabis expenses can be covered by one of the largest cannabis companies in the world. Canada-based Aurora Cannabis announced on July 23 that it now offers an employee benefits plan that covers expenses incurred for medical cannabis.
The new package will be administered by Sun Life Financial, Canada’s “number two” insurer. If employees select the Extended Health Care plan, it will reimburse the cost of medical cannabis. The new plan goes into effect on Aug. 1.
“The speed with which Canada’s largest insurers are moving to cover the costs of medical cannabis reflects the increasing recognition of cannabis-based therapies, and marks a significant milestone for patients across the country, Debra Wilson, Senior VP of Human Resources said in a press release. “Including medical cannabis in the Company’s benefits plan reflects our position as one of the leading advocates for the availability of medical cannabis, as well as employee health and wellness being major pillars in Aurora’s mission to be the employer of choice in the sector.”
For a refresher, Aurora Cannabis has the capability to produce 430,000 kg of cannabis per year, or 473.99 U.S. tons. With a massive streamlined system, Aurora Cannabis is able to produce high quality cannabis at a very low cost. The company has vertically expanded its reach to 14 countries. It has since swallowed CanvasRX, Peloton Pharmaceutical, Pedanios, H2 Biopharma, Urban Cultivator, BC Northern Lights, Larssen, CanniMed Therapeutics and Anandia Labs in acquisitions.
Even with recreational cannabis sales coming to Canada this October, and with 17 years of medical cannabis, most insurers in the country are still hesitant to cover medical cannabis.
Canadian insurers Green Shield Canada, Great-West Life and Manulife Financial Corp have already expressed interest in following Sun Life Financial’s example and offer coverage for medical cannabis for their employees.
