Thousands of buildings and businesses have burned down in Northern California since wildfires started to sweep through the region Sunday night, and several marijuana farms in the so-called Emerald Triangle have gone up in smoke.
It's a heavy hit for owners, who don't have insurance on their crops because of federal laws against marijuana. Derek Peterson, CEO of Terra Tech, told CNN Money farmers on average invest $5 million in their facilities and up to $3 million on growing the crop, and "if their facilities burn down, a lot of these people won't be able to get any economic relief for them from an insurance claim. There's no mechanism for recovery to repay them for their loss. It's a tremendous risk for these people."
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Why is MAGA turning on Amy Coney Barrett?Today's Big Question She may be the swing vote on Trump cases
-
Gavin Newsom's podcast debut is not going over well with some liberalsIN THE SPOTLIGHT The first episode of the California Governor and potential presidential candidate's 'This is Gavin Newsom' featured cozy conversation with far-right operative Charlie Kirk and a surprisingly conservative stance on transgender athletes
-
'Extremists still find plenty of digital spaces'Instant Opinion Opinion, comment and editorials of the day
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
