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No Health Insurance Coverage for Medical Cannabis… Yet

Ryan Allway

May 9th, 2014

Policy, Top News

Medical marijuana treatments for pain and other chronic symptoms can cost as much as $1,000 per month. Unfortunately, many patients are forced to cover these costs out of pocket after being denied by their insurance companies. Despite state laws approving the drug for medical use, the federal government’s tough stance on the drug has forced insurance companies to stay away.

There are two factors that could reverse these trends. First, the federal government’s acceptance of medical marijuana could go a long way in opening up the financing side of the business. Many insurance companies are reluctant to cover the drug since they are effectively purchasing a Schedule I Controlled Substance and providing it to a user – a federal offense in the eyes of the DEA and other groups.

Second, the U.S. Food & Drug Administration (“FDA”) hasn’t approved marijuana for any specific medical conditions. Since the drug is already widely available, few companies have had the desire to spend the millions of dollars necessary to put it through clinical trials fearing that others will capitalize on their work. FDA approval of medical marijuana would help insurance companies justify the payments.

These angles are being addressed in a few different ways. Medical marijuana approvals on a state level are putting pressure on the federal government to act, while companies like GW Pharmaceuticals plc [stockquote symbol=”GWPH”] have begun clinical trials with the FDA to show safety and efficacy. These efforts could ultimately force at least some insurers to cover the drug in time.

For now, the word “marijuana” remains radioactive in many fields and has only recently begun gaining traction in medicine. The American Medical Association has called for a change in marijuana’s classification to one that makes it easier for research to be conducted, while some 60 other agencies around the world have been calling for similar policies to be enacted to make research easier.

This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.

About Ryan Allway

Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.

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About CFN Media Group

CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.

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