With Connecticut joining the fold, medical marijuana has now been legalized in 17 states and the District of Columbia. Oregon and Washington state have close to 100,000 patients, and the former's law on medical marijuana has become the hot topic for the state's attorney general race.
Insurance agent Dan DeChynne is helping growers in Oregon and southwest Washington cover their asses by selling insurance policies to protect inventory from losses. Releaf Medical Marijuana has a policy that covers brick and mortar, but also protects them from losses due to bugs, fire, theft, and raids by local or state police.
The new policy has become increasingly popular, as Michael Aberle of Sacramento's Statewide Insurance says his company currently underwrites 3,500 to 4,000 policies. DeChynne says that policies start at $1,200 to $2,000 a year, with a $5,000 deductible.
However, keep in mind that the policy doesn't protect against federal raids because marijuana is still federally prohibited.