Symphony Grow, part of Texas-based insurer Symphony Risk, has launched an exclusive, “industry-first” captive insurance solution for the cannabis industry.
Through the solution and with support from the Symphony Grow team, business owners in the cannabis space can establish their own insurance company.
Using the Symphony Grow Captive, companies can protect themselves from risks by customising coverage that is often unavailable in the traditional marketplace.
TJ Frost, president of Symphony Grow, comments: "After 10 years of insuring cannabis companies and facing challenges in obtaining adequate and affordable coverage, we have successfully addressed a longstanding issue in the industry.
“In addition to offering more comprehensive coverages, the creation of an entity's own insurance company can yield a return on investment, in contrast to the traditional insurer and insured relationship where the premium is considered a sunk cost.”
