The NCRMA Launches Cannabis Industry’s First Member-Centric Insurance, Risk Management and Business Services Solution
Member-based organization dedicated to cannabis retailers, cultivators, processors, and ancillary businesses.
Pittsburgh, PA– The National Cannabis Risk Management Association (NCRMA) has unveiled plans to create the first, full-service insurance, risk management and business services solution for the cannabis industry.
What NCRMA Plans to Offer in 2019
The NCRMA will help members forecast, identify, evaluate and address financial risks. With access to customized products and services focused on risk management, the NCRMA members will enjoy unparalleled shelter in this emerging and evolving cannabis market.
“Our pledge is to represent the true interests of our association membership” said Rocco Petrilli, NCRMA’s Executive Director. “We will do this by organizing and providing our members access to the best “protector type” products and services available. If existing offerings don’t meet our high-level criteria as established by our membership, we will combine and create until we possess those that do.”
The NCRMA will provide members access to exclusive, affordable, comprehensive insurance coverage and risk management for marijuana and hemp retailers, growers, processors and ancillary businesses. The coverages will include:
- Property Damage and Business Interruption for “all perils” including equipment breakdown, flood, earth movement, utility service interruption and other various sub-limited enhancement coverages;
- Stock Throughput (seed to sale);
- General Liability, Products Liability and Professional Liability;
- Cyber – First and Third Party;
- Directors & Officers, Employment Practices, Fiduciary, and Crime;
- Auto Liability, Physical Damage and Cargo; and
- Workers’ Compensation.
Additionally, the NCRMA will create exclusive and non-exclusive collaborations with companies who offer products and expertise (subject to additional fees, unless otherwise indicated) in key areas which currently include:
- Cyber security – Fifth Wall Solutions www.fifthwallsolutions.com;
- Payment processing – Pineapple Payments http://pineapplepayments.com; and
- EHS consulting and risk engineering – Protect All USA www.protectall-usa.com;
- Cannabis CPA Firm providing Accounting, Tax & Advisory Services – Indiva Advisors LLP https://www.indivaadvisors.com
- Application licensing and post permitting start up and business build out services – TETRA Growth Systems; and https://www.tetragrowthsystems.com
- Legal – Tucker Arensberg, P.C. https://www.tuckerlaw.com
Membership to licensed cannabis and support businesses is free. The NCRMA charter is not “fees from members” but maximizes membership and their input on risk product need.
How to Join:
Petrilli further commented, “We represent the interests of the association members who are cannabis business owners and their right to run their business under a sound risk umbrella. The NCRMA will forge solutions that promote inclusion of their needs for protection and not exclusion of these in the interest of others bottom line.”
About the NCRMA
The NCRMA is a member-centric organization that is committed to establishing an affordable, comprehensive insurance, risk management and business services solution for cannabis-related businesses. Led by Board Chairman, Rocco Petrilli, the NCRMA provides members with the resources, support and advocacy needed to mitigate risk and improve operations.