Insurers are quietly gearing up for a potential ten-fold increase in sales to the booming $17.6 billion-a-year cannabis industry as Congress inches closer to legalizing pot at the federal level.
While 36 U.S. states and the District of Columbia have legalized cannabis for medical or recreational use, insurance for growers, testing labs and retailers is being held in check largely by strict federal laws that criminalize pot alongside heroin, methamphetamine and LSD.
U.S. legal cannabis sales jumped 45% last year and are expected to hit $41 billion in 2026, Colorado-based research firm BDSA said.
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