Larry Harb

420 Friendly Insurance

Session Title: Identifying and Controlling Risk in Cannabis Business Operations

Time: July 23rd, 3:00 PM
Location: Seminar Room #3

Professional Summary

Mr. Harb is the founder and CEO of 420 Friendly Insurance, offered by IT Risk Managers, Inc. Started at the beginning of the century, IT Risk Managers, Inc. is a national niche insurance broker that provides risk management solutions for niche’ industries such as the auction industry, cannabis industry, real estate, technology industry or business that use technology. We are the industry’s premier brokers of Database (Cyber) Insurance. IT Risk Managers is licensed in 50 states to market all types of Property and Casualty insurance products.

Mr. Harb has over thirty years of experience in the financial services and insurance industries. During his career he has also served as an instructor at Michigan State University and Illinois Institute of Technology. Mr. Harb holds a Masters of Management degree from Northwestern University's Kellogg School of Management and a Bachelors degree from Northern Illinois University. He co-authored the book Reinventing the Retail Bank published in 1994. He is a Certified Identity Theft Risk Management Specialist and has written numerous articles and is a frequent guest speaker at industry conferences.

Session Abstract

Transitioning from an unregulated industry to a regulated industry has some unique risks and exposures. The purpose of this seminar is to educate Plant Touching Businesses (Cultivator, Manufacture / Processors, Dispensary, Testing Laboratory, and Transportation) on the risks and exposures of managing a State Regulated Cannabis business.

While every business has its own unique risks and exposures, the Cannabis industry has a few more than usual, starting with the obvious of it is a schedule 1 drug that is federally illegal; to the problem of individual State are issuing so many cultivator licenses that there is becoming an oversupply of legal product is most states and the price per pound is dropping dramatically.

This seminar is designed for the business owners, partners, managers, senior level employees, Board members, Investors or anyone that is involved in the day to day operation of running a plant touching business to gain a better understanding of the challenges that their business will face and some of the ways to deal with these unique risks and exposures.

Learning Objective:

To gain a basic understanding of risks and exposures associated with managing a State Regulated Cannabis business and to learn what questions they need to be asking. Participants will learn what unique risks and exposures are associated with a Cannabis business and how to determine the best ways of risk managing them.

In addition, participants will gain an understanding of a basic risk management model and how to implement it for all of their business decisions. They will also learn how to value their risks to determine when to self-insure and / or when to risk transfer.

Most States have passed some form of statutory insurance requirements in the name of consumer protection. Therefore, it is important for Participants to learn the difference between Bonds and Insurance and how to determine what product will work best for their particular situation.

Participants will learn how to read an insurance policy and how to choose the right insurance broker as their business partner. They will also understand why it is important to purchase a cannabis specific insurance policy, which policy covers each unique risk and exposure and what are the cost drivers used in the underwriting process to determine their premiums.

Last but not least we will discuss what insurance coverage every cannabis business needs and why it is important to protecting their company’s bottom line.