Life insurance: You can lose out just being associated with pot
July 8, 2016 by Ben Steverman
(Bloomberg) — A few weeks ago, Derek Peterson got a letter from Mutual of Omaha, turning him down for life insurance.
“Our decision was based on,” the letter said, then trailed off (Monty Python-style) and picked up in all caps:
WE HAVE DISCONTINUED THE PROCESSING OF YOUR APPLICATION FOR INSURANCE DUE TO COMPANY POLICY. WE CANNOT ACCEPT PREMIUM FROM INDIVIDUALS OR ENTITIES WHO ARE ASSOCIATED WITH THE MARIJUANA INDUSTRY.
Peterson is indeed associated with the marijuana industry. He is the chief executive officer of Terra Tech, a publicly traded pot company based in Irvine, Calif.
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