Lloyd’s of London has stopped insuring marijuana industry firms of any kind due to conflicts between federal and state laws over their legality.
In a May 29 memo addressed “Dear Colleague,” obtained by Insurance Journal, Lloyd’s Director of Performance Management Tom Bolt wrote
to U.S. Syndicates that the company has considered various requests with respect to insuring marijuana or marijuana related businesses,
either medicinal or recreational in the United States, and has determined that it no longer will support insuring marijuana operations of any kind until the drug is formally recognized by the U.S. government as legal.
July 9, 2015