Former National Basketball Association player turned cannabis entrepreneur John Salley, along with insurance industry veteran Daron Philips, has launched The Cannabis Plan with National Insurance Partners – an insurance plan specifically designed for the cannabis industry, Bezinga reports.
The plan not only covers cultivators, laboratories, and both the THC and CBD industries but also individuals who self-medicate with THC who could be punished for their use by their current insurance brokers. Philips said cannabusinesses in the country with two or more employees can apply to receive insurance, depending on state requirements, and that the plan is 20 percent cheaper than other insurance solutions offered in the industry. California, though, has special regulations that would require businesses to have at least 25 employees to qualify for the insurance. The healthcare portion of the plan can cover up to 200,000 employees and is administered by third-party healthcare company Medova Healthcare.
The venture is still building out coverage of individuals who don’t work for a cannabis company.
“Individuals that are worried about their health insurance going up or not even covering them because they use THC, we’re going to eliminate that. … We just don’t want people to feel like they have to give up on their insurance because they choose to medicinally treat themselves.” – Phillips to Bezinga
Salley, a four-time NBA champion, first-round pick, and the first player to win championships with three different teams, owns cannabis brand Deuces22 and a stake in GreenSpace Labs. In an interview with Bezinga, Salley indicated he is interested in entering the South American and Jamaican industries