Case Study Snapshot: Cannabis Industry Key Person Solutions

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A corporate conglomerate of legal cannabis dispensaries and marijuana grow operations was seeking high limits of key person life and disability insurance on their founder and CEO.  Their insurance representative was finding it difficult to acquire sufficient business life and DI policies on the client because of his direct relationship to cannabis sales which is still considered illegal on a federal level.

Although the state in which he resided allowed for the growth, distribution and sale of marijuana for medicinal and recreational purposes, federal regulations created roadblocks from an insurance standpoint, and no domestic carriers were willing to offer any coverage.

The insurance rep turned to Petersen International for assistance and we were able to provide $10,000,000 of simplified-issue coverage that allowed both a death benefit and a permanent total disability benefit.