Chicago, IL and Denver, CO, December 3, 2020 - PRESS RELEASE - Hub International Limited (HUB), a leading global insurance brokerage, has announced that is has chosen Simplifya, a provider of operational and regulatory compliance software for the cannabis industry, to provide ongoing cannabis license verification in order to help identify and support valid cannabis operators with insurance coverage.
Licensing for cannabis businesses in the U.S. is particularly complicated. Compliance requirements vary by state, by the type of business, and by the physical location of the operation. And, licensing requires proper due diligence in order for cannabis businesses to operate legally and maintain compliance.
“Proof of insurance shows operational maturity and is an essential step for cannabis cultivators, manufacturers, transporters and distributors to keep growing their business,” said Jay Virdi, chief sales officer for Cannabis Specialty Practice, HUB International. “With Simplifya, HUB can more efficiently protect legitimate cannabis operators by ensuring their licensures are complete, valid, and active – all of which are non-negotiable necessities for securing proper insurance coverage.”
HUB’s Cannabis Specialty has more than 130 members servicing over 400 cannabis-related recreational and medical clients. HUB clients include companies across the cannabis spectrum throughout North America, including cultivating and harvesting, transportation, retail/dispensaries, manufacturing and laboratories, as well as wholesale and distribution centers. HUB understands the complexity of the cannabis industry and the many unique insurance coverage limitations and exclusions that can leave businesses exposed to risks. Noneof which can be secured without proper proof of licensure.
The Simplifya Verified platform currently monitors real-time cannabis license data for 34 states, Washington D.C., Puerto Rico, and all Canadian provinces. While each of these jurisdictions makes cannabis license information available; the format in which they provide it differs from state to state and by province, making manual monitoring both time and labor-intensive. Simplifya’s in-house legal team has completed the data collection of more than 35,000 license records and will provide HUB with an efficient and comprehensive view of client and prospect licensure status.
“One of the major hurdles still facing the cannabis industry is understanding exactly with whom you are doing business or, in the case of HUB, what type of cannabis business they are helping to secure insurance,” said Marion Mariathasan, CEO & co-founder of Simplifya. “Simplifya Verified provides companies with a much-needed risk management tool in order to be able to confidently invest in and provide services to legitimate, licensed cannabis operators."