Join us on the latest episode of Grow Sessions as we dive into the world of insurance with Michael DeNault from World Insurance. In this episode, titled “Insuring Growth: Navigating Risk in the Cannabis Industry,” we unravel the complexities of insurance requirements and surprisingly find it quite intriguing. Insurance, who would've thought!

In this episode, we will dissect insurance needs of commercial cultivation businesses. From Workman's Comp Insurance to Product Liability coverage. We also shine a light on the importance of Standard Operating Procedures (SOPs) as a preventive measure for cultivators, especially in the absence of historical data to steer best practices in product safety. Michael highlights the industry's early stages, emphasizing the need for data to establish standards that will ultimately impact insurance rates and coverage.

Discover how premiums have changed over the years, all while adhering to CCC insurance regulations. We chat about general and product liability coverage, outlining limits, deductibles, and evolving insurance costs in the cannabis sector.

Commercial property and equipment coverage take the spotlight, underscoring the importance of safeguarding inventory, equipment, and crops. Crop coverage guarantees the protection of living crops, from seeds to plants and harvested products. However, it's essential to note that insurance won't cover poor growing practices, highlighting the importance of a skilled head grower for large-scale operations.

Learn about specific coverage like Equipment Breakdown Coverage, which shields against crop and inventory loss due to system failures. We explore state-specific variations in coverage, with Massachusetts standing out for its well-defined requirements.

Michael imparts valuable advice stressing the importance of guiding clients through common losses and state-specific regulations and emphasizing the importance of longevity, highlighting that profitability isn't just about revenue but about effectively managing the money businesses earn.

Exciting developments lie ahead, including the potential impact of federal legalization on insurance and the merging of agricultural coverages with the cannabis industry. We also shed light on technological advancements and the shift from traditional lighting systems to LEDS for enhanced coverage and reduced premiums. Did you know insurance companies may turn you down for growing with HPS lighting due to the high risk of fire? Did you know that traditional LEDs with drivers still pose a risk to growers? Did you know that TSRgrow's data-driven LED lighting solutions can help growers receive an even larger insurance discount because the drivers are removed from the grow room?

"Insuring Growth" acts as your compass through the intricate realm of cannabis insurance, providing a blend of industry expertise and practical insights to empower businesses in this ever-evolving industry.

About Michael DeNault

My name is Michael DeNault, I am the leading the Cannabis Practice within World Insurance Associates. My goal is to build brand awareness, provide the necessary tools for Producers, and relay the wants and needs to cannabis business owners to insurance carriers and industry partners alike.

I am working with clients and partners all over the country, and I am always looking to grow my network, so lets connect and set up a meeting! I look forward to the conversations we will have!

If you have any questions, you can reach Michael DeNault at michaeldenault@worldinsurance.com

For more information on World Insurance visit: www.worldinsurance.com.

Thanks for listening. Be sure to subscribe to our podcast to receive upcoming episodes.

In our first episode of Grow Sessions, Season 4, we have the pleasure of speaking with Betsey Morem and Mark Waller, Co-Founders of Morem & Waller CPAs. Join us for an enlightening conversation that revolves around the vital role that accounting practices play in the ever-evolving cannabis industry, highlighting the importance of compliance for all cannabis businesses.

As the industry continues to expand, it becomes increasingly important for businesses to adopt robust accounting practices.  Join us for an episode titled, "Balancing the Books: Compliance in the Cannabis Industry" as we delve deeper into this pivotal topic.

Throughout this episode, we explore the significance of compliance, emphasizing the adherence to both local and federal regulations, and shed light on the 280E tax provision, among other noteworthy topics. Tune in now to gain a comprehensive understanding of why accounting practices and compliance are so important in the cannabis industry. Whether you're a business owner or an investor, this episode is packed with valuable insights and actionable strategies to ensure the success of your cannabis business.

About Morem & Waller, CPAs

Betsy Morem, CPA, co-founder and managing partner of Morem & Waller, CPAs, PLLC, enjoys helping small businesses and start-ups create, maintain, and improve their accounting systems. She partners with CEOs, founders, and interested parties in the cannabis industry to help them stay compliant, achieve world-class financial records and financial reporting, and provide tax planning, preparation, and filing. Betsy lives in Austin, MN with her husband, Zach, and two children, Joanna and Ellis.

If you have any questions, you can reach Betsy Morem at  betsy@moremwaller.cpa

 Mark R. Waller, CPA, co-founder and managing partner of Morem & Waller, CPAs, PLLC, has 15+ years of experience working as a public accountant as well as a controller in the private sector. He partners with CEOs, founders, and interested parties in the cannabis industry to help them stay compliant, achieve world-class financial records and financial reporting, and provide tax planning, preparation, and filing. A graduate of the University of Minnesota-Twin Cities, Mark lives in Minneapolis with his wife, Brigitte, and two children, Malcolm and Coco.

If you have any questions, you can reach Mark at mark@moremwaller.cpa

To learn more, please visit www.moremwaller.cpa.

Thanks for listening. Be sure to subscribe to our podcast to receive upcoming episodes.

Prepare yourself for an electrifying edition of Grow Sessions because we are thrilled to have a special guest with us today! Joining us is Wendy Campbell from Jage Media / MJ Unpacked, and she is about to spill all the secrets to a successful trade show season in an episode titled "Mastering Your Trade Show Strategy for Success." If you've recently returned from the excitement of MJBizCon, then you absolutely cannot afford to miss this perfectly timed episode.

Here's a sneak peek of what awaits you:

• Carefully selecting the ideal shows that align with your specific needs
• Implementing strategic marketing, budgeting, and planning techniques
• Utilizing evaluation strategies for achieving peak performance
• Essential questions to ask show organizers before committing
• Unveiling the mysteries behind ROI (Return on Investment), ROO (Return on Objective), and ROE (Return on Experience)
• What the future of the cannabis industry looks like and much more

Join us as we embark on a captivating journey through various types of shows, from order writing exhibitions to must-attend industry events. These shows offer countless networking and branding opportunities, but are they the right fit for you? Discover how to accomplish more with less, flawlessly present your booth, and engage in continual learning.

We will also share invaluable insights on overcoming Trade Show Fatigue (yes, it's a real thing!) and provide priceless tips for a thorough post-event review and follow-up.

But hold on, there's  more to – this episode is packed with surprises! Get ready for the ultimate guide to trade show success – you won't want to miss out on this brand new episode.

About Wendy Campbell, JAG Media / MJ Unpacked

When obstacles arise, you change direction to reach your goal; you do not change your decision to get there.  

I am a change agent.  My LIFE is letting go of resistance and doing what is necessary to create working solutions that lead to meeting and exceeding goals.  It is what I am most passionate about.  

With 28+ years of experience in sales, marketing, and product management, primarily for consumer packaged goods, I am more driven and more excited than ever to embrace, wholeheartedly, being a change agent as I continue my passion - - working to discover what is needed to create profit-making solutions for companies involved in the sales and marketing of cannabis consumer products.

To learn more, please visit MJ Unpacked or reach out to Wendy on Linkedin.

Thanks for listening. Be sure to subscribe to our podcast to receive upcoming episodes.