This article was originally posted on MarijuanaMoment.com
Marijuana businesses would gain greater access to insurance policies under a bipartisan bill introduced in the Senate on Monday.
The Clarifying Law Around Insurance of Marijuana (CLAIM) Act would address one of several obstacles that cannabis firms face under the federal framework of prohibition, which currently restricts their ability to gain property, casualty and title insurance coverage.
Sen. Bob Menendez (D-NJ), senior member of the Senate Banking Committee, is sponsoring the legislation with cosponsoring Sens. Rand Paul (R-KY), Jeff Merkley (D-OR) and Kevin Cramer (R-ND).
The bill’s introduction comes one day before the Senate Banking Committee will meet to discuss separate bipartisan legislation that would protect banks that service cannabis businesses from being penalized by federal financial regulators…
Read the rest of this article on MarijuanaMoment.com