Despite earlier growing pains, cannabis industry opens insurance industry opportunities

In my profession, it helps to be blunt.

Having a sense of humor doesn’t hurt either. After all, I do hear plenty of Snoop Dogg, Bob Marley and Cheech & Chong references. But once the jokes are all exhausted, it gets real.

There’s plenty of important information to pass around, and I field a lot of serious questions from stakeholders, as well as those with genuine interest in one of the fastest-growing enterprises throughout Canada and the United States.

It’s been a long, strange trip to get where I am today as Chief Sales Officer for HUB International’s North American Cannabis Specialty Group.

That’s right. I said CANNABIS.

Weed. Pot. Mary Jane. Ganja. Grass. The Chronic.

Whatever you prefer to call it, cannabis is still considered a budding practice within the insurance industry. As CSO, I’m responsible for the specialty practice’s growth at HUB has it become one of the premier cannabis brokers across North America. I connect clients with the best team of experts so they can achieve their business goals. I also help identify risk exposures, so they are protected from expected and unexpected risks in a highly regulated – and scrutinized – industry.

Of course, getting to this point wasn’t easy. I won’t bore you with a history lesson or the convoluted timeline of federal legislative baby steps that led to the legalization of cannabis in Canada and the U.S. But as laws began to pass, I saw opportunities.

Prior to HUB, I was a global sales consultant for a one of the largest insurance data and analytics firms in the world. I did my homework. My research was impeccable. I ran the numbers through the grinder.

Trying to procure capacity and building capabilities in anticipation of federal legalization for recreational use in Canada proved to be quite the challenge. To me, it was a no brainer. What a tremendous opportunity to be first to market in such a revolutionary emerging industry. Insurers weren’t interested. I got laughed out of a lot of boardrooms. No one wanted to touch the stuff. In between the gasps and pearl-clutching, all the excuses started to sound the same:

• “It’ll never happen, it's against the law.”
• “Too much stigma.”
• “Flash in the pan and this will never pass.”
• “Hipsters, hippies and Hell’s Angels, oh my!”

You get the idea. It was a hard sell. In fact, out of the 30+ conversations I had, only two Global insurance carriers stepped forward and admitted, “This guy may be on to something.”

Despite the initial slow burn, many naysayers have turned the page since then, realizing cannabis has a multitude of medicinal benefits with very few negative side effects. In fact, a significant shift in the pot paradigm has occurred. More people are moving toward the positive advantages of cannabis as opposed to running from its previous taboo reputation.

My career was “lit,” as the saying goes. And it was.

As I was looking to take my vision to the next level, one company stood out – HUB International. Not only did HUB leadership embrace and support my vision, but they also encouraged me to think bigger. In addition to expanding services in Canada, I was challenged to replicate that success in the States.

Among HUB’s five core values is entrepreneurship, which is right in my wheelhouse. The other four – integrity, teamwork, accountability and service – dovetail perfectly into the entrepreneurial spirit of the company. I love having a team that encourages innovation and educated risk-taking.

My work is never boring. Grass doesn’t grow under these feet. I know people hear the word “insurance” and think it’s a snoozer of a career filled with dull individuals stuck behind desks picking through papers and waiting for the phones to ring.

That’s not even close. Every day is an adventure and educational experience in this burgeoning business of buds.

I get to travel throughout North America, touring state-of-the-art grow facilities and meeting fascinating people from all aspects of the cannabis industry - scientists, botanists, grow specialists, medical professionals and cannabis company CEOs.

For those who have dismissed an insurance career in the past, I strongly urge you to reconsider. The stigma associated with cannabis is waning. Every day, researchers are discovering a myriad of medical marijuana uses. The breakthroughs already have helped those suffering from cancer, chronic pain, anxiety, neurological disorders and behavioral issues.

Let me put it this way: You’ve probably heard of these cannabinoid acronyms – THC, CBD, CBN and CBG. Those are only four of the more than 500 unique compounds found in the cannabis plant!

Reflecting on my career and its twists and turns along the way, I am amazed at how life comes full circle.

The first cannabis facility I toured was an immaculate, state-of-the-art operation located in a former Hershey Co. chocolate factory in Smiths Falls, a small town in eastern Ontario.

I had been there before – years earlier. It was an elementary school field trip where my classmates and I learned all about Hershey chocolate, cocoa beans and sugar cane. (The chocolate factory closed in 2008, taking with it a lot of local businesses that were part of its supply chain.)

Millions of dollars later in renovations, the former Hershey plant is now a full-production cannabis facility – from “seed to sale.” It is the largest indoor cannabis company in Canada, boasting more than 2,000+ employee.??????

Talk about déjà vu.

What a long, strange and fun trip indeed!