Lloyd's conquers the Canadian cannabis market
Lloyd's is planning to provide insurance cover to cannabis producers, distributors and traders in Canada. The law authorizing the recreational use of the substance will come into force in October 2018.
The London syndicate considers this legislation a new opportunity for insurers who are seeking new alternatives to the traditional market. Lloyd's maintains that its business in Canada will not be inconsistent with the British and international law.
As a reminder, the Lloyd's had previously offered similar coverage to the US market. It withdrew in 2015 due to legal constraints related to the status of the substance which is considered illegal at the national level in the United States.
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