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Robbery-related Losses Total Millions As Cannabis Companies Pick Up The Pieces; Insurance Coverage Unclear

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Robbery-related losses total millions as cannabis companies pick up the pieces; insurance coverage unclear

Published 4 hours ago | By John Schroyer

Some of the damage inflicted by looters on Nug properties last weekend. (Photo courtesy of Nug)

The financial toll inflicted on the legal marijuana industry by dozens of robberies and looting since last weekend is easily stretching into the millions of dollars, leaving some businesses unsure about the future and whether their operations can survive.

According to media reports, more than 40 marijuana companies across the country have suffered an array of vandalism, robberies or looting.

The criminal incidents – which have occurred during nationwide protests over the death of George Floyd in Minnesota – began last weekend and, in some instances, have recurred throughout the week.

Several business owners believe the damage was done by professional criminals versus protesters. Some fear the attacks will continue.

The fallout for marijuana retailers – some of which also have grow operations – has varied widely. Some businesses were open the day after they were broken into. Others remain closed indefinitely for repairs.

National marijuana retail chain MedMen, for instance, closed all its shops nationwide earlier this week after two of its Southern California stores were looted, a company spokesperson confirmed Thursday. There’s no date for reopening any of them.

Some retailers suffered only cosmetic damage, though it could cost a few thousand dollars to repair.

Source: https://mjbizdaily.com/robbery-related-losses-total-millions-as-cannabis-companies-pick-up-the-pieces-insurance-coverage-unclear/

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