What Should Cannabis Businesses Consider Their Most Valuable Asset?

Typically, a company's most valuable assets are the people! Employee's are the key to success for all businesses because of any number of reasons including:

cannabis employees

  • They are essential to providing your goods and services effectively to customers.
  • Their knowledge, skills and experience brought to the company or gained while at your company.
  • They are your brand ambassadors and champion your business as the face to your customers.
  • They are major contributors to profits and worth for the company.
  • Hiring, retraining, recruiting are expensive and it is not always the most cost-effective.

That is 100% true but with that being said, the value of each individual license is arguably the top asset (or a close second). Not only because of the application costs, legal fees, cost to obtain the land, construction, etc but the future earning potential of each license.Cannabis License and Insurance

Your first goal is to protect it and satisfy any state and local laws including the financial responsibility requirements in states like Michigan. These types of requirements can include a minimum for Bodily Injury, Premises Liability, and even "Gram Shop" laws. Be sure you work with your agent to satisfy these requirements and consider additional Product Liability coverage for defense costs.

Below is an interactive table to help illustrate the future earning potential of your license based on automatically renewing until 2099.  Please contact us with any questions or get started by entering in your business information below. 

Our Locations

Traverse City
Spire Insurance Solutions
3183 Logan Valley Rd
Traverse City, MI 49684

Local: (231) 947-1164

Spire Insurance Solutions
400 Renaissance Ctr Ste 2600
Detroit, MI 48243-1502

Local: (800) 686-8664