Sherman with PSA Saw Cannabis as Natural Step from Professional LiabilityPosted by On


Editor’s note: This part of a series of profiles on cannabis brokers, in which Insurance Journal explores why and how these folks got into the business, the ups and downs of insuring cannabis, as well as a few tips for those interested in a little professional development.

Steven B. Sherman, vice president of the Cannabis Risk Group for PSA Insurance & Financial Services in Hunt Valley, Md., sees his expansion out of the professional liability segment into cannabis as a natural one.

Before joining PSA, Sherman, who graduated from the University of Baltimore School of Law with a J.D., worked for a trade association where he helped build a risk retention group.

Sherman spoke with Insurance Journal about his experience as a cannabis broker.

Insurance Journal: Why did you get in the cannabis and insurance space?

Sherman: I have built my practice working with physicians and attorneys, and I continue to enjoy working with those clients. I was looking for an additional niche and my home state of Maryland was developing our medical cannabis program.

This was an opportunity to work in a nascent industry, and I jumped at the opportunity.

IJ: Has this been a good financial decision so far?

Sherman: You can make money in this area, but it requires a lot of hands-on work. Your clients are in a rapidly evolving industry, and you need to keep on top of the industry and…

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Editor’s note: This part of a series of profiles on cannabis brokers, in which Insurance Journal explores why and how these folks got into the business, the ups and downs of insuring cannabis, as well as a few tips for those interested in a little professional development.

Steven B. Sherman, vice president of the Cannabis Risk Group for PSA Insurance & Financial Services in Hunt Valley, Md., sees his expansion out of the professional liability segment into cannabis as a natural one.

Before joining PSA, Sherman, who graduated from the University of Baltimore School of Law with a J.D., worked for a trade association where he helped build a risk retention group.

Sherman spoke with Insurance Journal about his experience as a cannabis broker.

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Insurance Journal: Why did you get in the cannabis and insurance space?

Sherman: I have built my practice working with physicians and attorneys, and I continue to enjoy working with those clients. I was looking for an additional niche and my home state of Maryland was developing our medical cannabis program.

This was an opportunity to work in a nascent industry, and I jumped at the opportunity.

IJ: Has this been a good financial decision so far?

Sherman: You can make money in this area, but it requires a lot of hands-on work. Your clients are in a rapidly evolving industry, and you need to keep on top of the industry and…



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