Insurance for the Canadian Psychedelic Industry
Canada is experiencing a resurgence in the medical use, research and development of psychedelic substances. Due in part to the progressive framework paved by the legalization of recreational cannabis, psychedelics have once again gained mainstream public interest. While Health Canada continues to issue the controlled substances Dealer’s License and Section 56(1) exemptions, much needed regulatory re-classifications will soon enable the widespread study and further adoption of these medicines.
What types of Psychedelic-Related Operations can be Insured?
Having comprehensive coverage specific to your operations is an essential component of any successful venture. This holds especially true for the myriad of exposures attendant to the burgeoning psychedelic-industry.
Here at CannaCover, we have worked with the world's foremost insurance experts to develop bespoke insurance solutions, custom-tailored to the risks faced by a wide range of industry players. This includes offerings for:
Psychedelic-assisted Psychotherapy Clinics
Physicians and Researchers (Section 56 Exempt)
C.D.S.A Licensed Dealers
TSX and Dual-Listed Companies
Entheogenic Studies with Psilocybin, Ketamine, Ibogaine, Mescaline, LSD, DMT...etc.
What types of Commercial Insurance is available to the Psychedelic Industry?
Entheogenic life science companies operate within a robust legal environment with stringent regulations governing the use, prescription and provision of psychedelic substances.
From the cultivation, handling and distribution of these substances to the protection of intellectual property and patient information, industry participants are faced with unique risks not readily addressed by the current Canadian insurance marketplace. Building off our expertise in the cannabis sector, our team is able to bridge this gap – designing proprietary coverage for:
Directors and Officers Insurance (D&O)
Errors and Omissions Insurance (E&O)
Professional Liability Insurance
Commercial General Liability
Buildings, Stock, Equipment & Misc. Property
Product Liability Insurance
Cyber Liability Insurance
Business Interruption Insurance (Loss of Profits)
Biotechnology Research & Intellectual Property
Regulatory Compliance & Legal Expense Insurance
Why is it so difficult to find Psychedelic Business Insurance?
We find ourselves at the advent of a new era in the study and application of psychedelic medicines and recognize the essential role insurance plays to support this growth. Although market appetite remains limited for this sector, we pride ourselves on being a first mover in the space, leveraging our global market relationships to address today’s risks.
Ready to get Insured?
As one of Canada’s only brokerages dedicated to the psychedelic industry, our team has the creativity and expertise to address even the most complex risks faced by your organization. Give us a call today to learn how we can partner with you to secure the coverage you need.