Editor’s note: This is part of a series of articles based on panels and presentations during Insurance Journal’s 2020 Insuring Cannabis Summit on Nov. 19.
There’s big money, and big opportunity for cannabis service and product providers, such as insurance professionals, in newly legal states.
A clean sweep in state ballot initiatives, with Arizona, Montana, New Jersey, and South Dakota all passing adult use initiatives, and Mississippi passing a medical initiative, could translate to roughly $6 billion in revenue over the next five years, according to Roy Bingham, co-founder of BDSA, a data analytics firm focused on the cannabis industry.
The newly legal states could push legalization laws being considered in neighboring states, he added.
“And that’s just the direct impact,” Bingham said. “That’s not the indirect impact of the fact that New York will follow suit with New Jersey, and Connecticut.” Other states in the South are also likely to follow suit, he added.
Bingham was speaking during the “State of the Cannabis Market: Looking Forward to 2021 – Beyond COVID & the Elections” panel. The panel was hosted by Chris Boden, executive vice president of Flux Insurance Services. Also on the panel were Morgan Fox, media relations director for the National Cannabis Industry Association, and Ethan Chelli, associate vice president of the cannabis…