For comparison sake and a dash of perspective, 130 Americans die per day, of opioid related illnesses while 480,000 from nicotine related causes. That being said, something needs to be done about consumer safety.
It is important to understand and distinguish the issues between nicotine and cannabis vaping.
In 2013, former Director of CDC, Dr. Thomas Frieden, stated that “once you saw cotton candy flavors, everything that could have been done to get them off the market should have been done.” It was not.
As to Cannabis, we live in a regulatory vacuum, each state creating their own rules and regulations.
At this point, the Federal government needs to step up and lead. With Federal legalization of cannabis, the industry would over time come under uniformly consistent rules and regulations.
Equally important with Federal legalization, in addition to banking and the allowance of 280E, would be the increased enforcement against black market operators which has been found to be responsible for many of the cannabis vaping illnesses.
Weedmaps has been doing this for years whereas a policy requiring a valid state license prior to advertising would have seemed fundamental to running a legal site. Weedmaps has reported they are working on an end of the year solution.
Without legalization, we are left with state to state regulations which, among other deficiencies, does not always incorporate consumer protection and the integrity of a product.
That being said, on the insurance side, a cannabis company should always expend the necessary resources to cover for all potential liabilities.
Sources
- https://www.nytimes.com/2019/10/14/health/vaping-e-cigarettes-fda.html?smid=nytcore-ios-share
- https://www.rollingstone.com/culture/culture-features/vaping-lung-illness-injury-thc-cartridges-flavor-897182/
- https://www.fool.com/investing/2019/09/14/californias-cannabis-black-market-is-insanely-larg.aspx
- https://www.forbes.com/sites/kriskrane/2019/10/07/legalizing-cannabis-is-the-answer-to-vaping-concerns/#16bfa4f36948
Author Bio: Jeffrey Rosen Is The Founder & President of Tailored Benefits, Inc.
Tailored Benefits, Inc. is one of the premier
Employee benefit and consulting firms in Northern California.
His experiences resolving company benefit and employee related issues led him to instill an advocacy approach to Tailored Benefits’ client services. This approach to client management assures continuous delivery of highly professional and personalized employee benefit services. With over a decade of experience as a practicing attorney, Jeffrey’s understanding of the legal nuances in insurance services informs every aspect of his business practice. Jeffrey brings an unprecedented level of entrepreneurship, management expertise, and innovation to the regulated cannabis insurance and benefits industries.