PR Newswire, December 3, 2020
On December 3, Hub International (HUB), a leading global insurance brokerage, announced that is has chosen Merida portfolio company Simplifya, a leading provider of operational and regulatory compliance software for the cannabis industry, to provide ongoing cannabis license verification in order to help identify and support valid cannabis operators with insurance coverage.
Licensing for cannabis businesses in the U.S. is particularly complicated. Compliance requirements vary by state, by the type of business, and by the physical location of the operation. And licensing requires proper due diligence in order for cannabis businesses to operate legally and maintain compliance.
The Simplifya Verified platform currently monitors real-time cannabis license data for 34 states, Washington D.C., Puerto Rico, and all Canadian provinces. While each of these jurisdictions makes cannabis license information available; the format in which they provide it differs from state to state and by province, making manual monitoring both time and labor-intensive. Simplifya's in-house legal team has completed the data collection of more than 35,000 license records and will provide HUB with an efficient and comprehensive view of client and prospect licensure status.
One of the major hurdles still facing the cannabis industry is understanding exactly with whom you are doing business or, in the case of HUB, what type of cannabis business they are helping to secure insurance," said Marion Mariathasan, CEO & Co-Founder of Simplifya. "Simplifya Verified provides companies with a much-needed risk management tool in order to be able to confidently invest in and provide services to legitimate, licensed cannabis operators."
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