A prominent business consultancy firm has launched one of the country’s first certification programs for insurance professionals working in the cannabis industry.

The Cannabis Insurance Coverage Specialist (CICS) program is run by the National Underwriter Company, which is owned by ALM, and has been established for insurance agents and brokers, risk managers and other industry professionals to learn the intricate and ever-changing workings of marijuana business insurance coverage.

The CICS is the result of a collaboration between ALM’s in-house expertise and that of various insurance providers, legal practices and marijuana industry leaders.

“We wanted to create a forward-thinking certification that would benefit professionals serving the cannabis industry, as well as growers, suppliers, manufacturers, dispensaries and others who are a critical aspect of this still-evolving industry,” said Molly Miller, ALM’s chief content officer. “These courses will focus on providing an in-depth look at the challenges and opportunities businesses face daily.”

The first course in the CICS is Cannabis Insurance 101, which delves into risk and real estate management, product liability and claims, employment issues, and financial and legal services from the perspective of marijuana businesses, with the use of real-life case studies.

“Businesses in the cannabis industry face many of the same daily issues as other enterprises, but with some unique challenges due to cannabis still considered a Schedule 1 substance,” said Kieran O’Rourke, vice president of Cannasure Insurance Services. “Educating the insurance industry about these unique risks allows carriers to better serve these expanding businesses.”

For now, CICS is certified as a continuing education program in Arizona, Illinois, Ohio and Washington State, with approval pending in California, Colorado, Nevada, New York and Oregon.

As more and more states continue to legalize adult-use and medical marijuana, it’s becoming increasingly necessary to work with or alongside cannabis businesses. Given the peculiarities of state cannabis laws and the ongoing federal prohibition of marijuana, each business has specific insurance and risk management challenges.

CICS certification could help industry professionals looking to lend their expertise to marijuana businesses better understand the main issues at stake and what’s required in order to make the company a success in a growing but competitive sector.

To learn more about the cannabis insurance training program or register your interest for the course, visit www.nutraining.com.