Trenton Business Insurance: Cannabis Industry a Growing Controversy
The legalization of marijuana has been an increasingly controversial topic among politicians and legislators after Colorado passed statutes allowing highly regulated recreational use, production and purchasing of cannabis. The new laws went into effect in January of this year and have already created quite a debate over the impacts Colorado and other states face as a result. While critics argue that a rise in crime would ensue, the opposite has actually been reported by Colorado law enforcement officials. Officials reported an eleven percent decrease in property crime and 5.6 percent decrease in violent crime occurrences. Reports also indicate the in the first three months of 2014 Colorado received 7.3 million dollars in tax revenue from the cannabis industry alone. Industry growth is rapidly increasing and many states may soon be following in Colorado’s footsteps, as an estimated 58 percent of Americans now support marijuana legislation reform.
New Jersey Senator Nicholas Scutari introduced legislation efforts early this year proposing that Garden State lawmakers recognize and harness the potential of legalizing recreational cannabis. Sen. Scutari estimated that New Jersey could yield up to 100 million dollars in taxes and other revenue if marijuana was legalized for adult consumption. While Governor Christy has openly opposed such efforts, many New Jersey businesses have expressed interest in harvesting the potential of recreational marijuana. New Jersey based investment banking firm Point Capital has launched a new venture to provide financial backing to budding businesses looking to legally enter in the cannabis industry. The CEO of Point Capital indicated that the company is intrigued by the changing political climate and excited by the new investment opportunities into a lucrative industry. If legalization legislation is passed, New Jersey expansions into the marijuana industry could be lucrative for daring entrepreneurs, farmers, investors and expanding businesses alike.
While the fate of recreational cannabis in New Jersey has yet to be decided and the impact on the economy is still unknown, it is always good to be prepared for new legislative regulations as they arise in any industry. All commercial endeavors face potential risks involved with operation and are subject to changing legal restrictions and requirements. These factors should be considered and adjusted for in your Trenton business insurance plan.
At Vreeland Insurance, we understand that risk in any new venture is to be expected and we strive to alleviate the stress of risk management. We have experience working with clients across a wide array of industries to fully assess the hazards any business may face. Our New Jersey Business Insurance policies offer the most comprehensive Trenton Professional Liability and Trenton Excess Liability coverage options to ensure your business is properly secured, no matter what industry you operate in. Give us a call today at (877) 755-3767 for more information about any of our Trenton Business Insurance offerings.