McNeil & Co., a risk management and insurance professional, and the Cannabis Association of New York (CANY), an industry group focused on cannabis, have collaborated to announce the launch of the Cannabis Association of New York Inc. Safety Group. McNeil has been appointed as the group’s manager after it was recently given approval by the New York State Insurance Fund to provide a durable workers’ compensation solution for the New York cannabis business.
McNeil and CANY collaborated for close to two years to establish the group. Their goals in doing so were to help make sure that the cannabis industry in New York had access to robust and efficient insurance options, and that risk management and loss control strategies would continue to develop along with the industry’s rapid pace of evolution.
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According to Daniel McNeil, founder and president of McNeil, “CANY exists to ensure New York cannabis businesses of all kinds and backgrounds have a platform for profitability and success.” CANY was established to do this. “Despite their dissimilar roles, CANY and McNeil are guided by the same core principles. This safety group could not have been established without that alignment and commitment to the interests of the small business community.
Allan Gandelman, the president of CANY, stated that the organization’s goal has been to “establish a sustainable insurance option for the New York cannabis business” from the organization’s founding. “An insurance solution that is focused on risk management is absolutely necessary if we are going to realize our vision of an equal cannabis business. Developing a cannabis business presents a number of challenges; nevertheless, keeping up with the industry’s rapid pace of change necessitates taking a strategic approach to risk management and insurance. Collaborating with McNeil to achieve this goal is what makes it possible.