Cannabis Broker Spotlight: Meade of Brown & Brown Had His “Ah-Ha” Moment After Getting into the Business

Editor’s note: This part of a series of profiles on cannabis brokers, in which Insurance Journal explores why and how these folks got into the business, the ups and downs of insuring cannabis, as well as a few tips for those interested in a little professional development.

Max Meade, a cannabis insurance advisor with Brown & Brown in Mt. Laurel, N.J., spent some time as a tour guide and sales associate for the Philadelphia Eagles while working his way through a degree at Temple University.

After graduating, Meade headed straight into the insurance profession and cannabis.

But it wasn’t until he realized how much businesses in the cannabis industry really value his services, that his “ah-ha” moment came to him.

Meade spoke with Insurance Journal about his experience as a cannabis broker.

Insurance Journal: Why did you get in the cannabis and insurance space?

Meade: When I graduated, I had some family who was using medicinal cannabis and seeing some tremendous results so that gave me a little inside into the industry and the work that was being done.

Seeing this and thinking how I could differentiate myself coming out of school I started really digging in and building up a network of those within the cannabis industry to learn as much as I can and start digging more into how these companies were setting up their insurance, and that is when I saw the disconnect between these businesses and insurance and knew this is something I could do.

My lightbulb moment was when I was able to bring on a client out in Oregon, about 3,300 miles away, when their former agent was right down the street because they said I actually took the time to want to understand them and the work they are doing. That was the “ah-ha” moment, where I realized if they are willing to trust me with their insurance from this far away there has to be others in this same position as them.

IJ: Has this been a good financial decision so far?

Meade: Definitely a great decision to start working with these industries but it’s more than just the financials as, for me, it’s extremely rewarding getting to work with an industry that, when you look at the medical side, is working to try and improve the lives of their patients.

I’ve been lucky to work with some groups from the beginning stages of signing their first lease to now and it’s amazing to see just how many people they are able to help and the lives they have and continue to improve

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IJ: What’s the hardest thing about the cannabis industry to deal with?

Meade: From my seat, it’s the federal illegality as that is what is keeping most of the admitted or standard insurance carriers from offering coverage to these businesses.

Once we see some changes there, whether changing the scheduling or moving forward with some new laws/bills to open up the ability for these type of companies – insurance, banking – to work with these businesses without fear of any federal issues, we will see more insurance carriers offering coverage which will provide more comprehensive coverage with better pricing to these businesses.

IJ: What insurance product is the most difficult to obtain for your cannabis industry clients? Why?

Meade: Outdoor crop coverage is currently extremely hard to find but that’s really just due to when you grow outdoors the security and protection is harder to control. Management coverage, such as directors and officers, is also one that is becoming harder to obtain with the current climate we are in having an impact on this type of coverage for all companies, not just those in cannabis

IJ: What two or three tips do you have for brokers entering the business of insuring cannabis?

Meade: Understand the industry and the different types of operations. Understand the insurance marketplace and know what carriers are offering what kinds of coverage. Surround yourself with others who work in this space – CPA, lawyer, security, etc. – so that you are able to provide not only your service to the business but you then can assist them with all of their other needs