Indopedia All Things Marijuana
On Thursday, the California Department of Insurance announced licensed marijuana businesses are now able to purchase commercial insurance policies.
Obviously, this is tremendous news for California’s recreational cannabis industry.
Historically speaking, most marijuana-related businesses seeking an insurance policy from their local Allstate, State Farm, or Aflac insurance agent have been met with stern resistance. The primary reason? California’s legal marijuana companies have been shunned by most reputable insurance providers because of legal marijuana’s Schedule I status.
Recreationally legal for adults in eight states and medically legal in 29, marijuana is considered California’s number one cash crop. Cognizant of the important ramifications of being properly insured against financial loss, California Insurance Commissioner Dave Jones has just approved the first commercial insurance provider for California’s marijuana-related businesses.
First commercial insurer to file #cannabis business insurance is approved by #Insurance Commissioner @CA_DaveJones: https://t.co/Si4MqvHAV9
— CA Dept of Insurance (@CDInews) November 2, 2017
A long-overdue…
