19 February 2024news

New captive launched for cannabis industry

Symphony Grow, which is part of Seattle-based Symphony Risk Solutions, has launched what it described as an exclusive captive insurance solution tailored for the cannabis industry. 

With support from the Symphony Grow Team, business owners in the cannabis space can now establish their own insurance company, the firm said. 

It added that by leveraging the Symphony Grow Captive, companies can protect themselves from risks by customising coverage that is often unavailable in the traditional marketplace.

“After ten years of insuring cannabis companies and facing challenges in obtaining adequate and affordable coverage, we have successfully addressed a longstanding issue in the industry,” said TJ Frost, the president of Symphony Grow, in a statement on LinkedIn. 

“In addition to offering more comprehensive coverages, the creation of an entity's own insurance company can yield a return on investment, in contrast to the traditional insurer/insured relationship where the premium is considered a sunk cost.”

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