Michigan's New Cannabis Liability Insurance Requirements Raise Concerns by Licensees, Insurers

Summary

This article discusses new legislation Michigan has adopted that unintentionally may make Michigan cannabis companies and their insurers scramble to determine how to comply with onerous regulations around mandatory product liability insurance. Without materially consulting the insurance industry on the feasibility of new insurance mandates, the state has surprised everyone with what appears to be a "leap before you look" decision that is likely to cause unintended problems for the state's cannabis businesses