California Commissioner encourages insurers to sell cannabis industry insurance

Cannabis Industry Insurance - Cannibas Scale - legal system

Dave Jones is once again urging insurance companies to sell products to the legalized cannabis ecosystem. California Insurance Commissioner Dave Jones has previously urged insurers to sell legalized cannabis industry insurance products. He is now renewing this call on the heels of recent reports that President Donald Trump has ignored federal law enforcement policies put in place by Attorney General Jeff Sessions. The Commissioner has been trying to encourage insurance company involvement since November 2016. At that time, Californian voters chose to make adult recreational cannabis use legal. Since that…

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California cannabis insurance claim payout reaches $1 million

Cannabis Insurance - Marijuana Plants

A company in the state received a historic payment following crop damages from wildfires. A cannabis insurance payout has recently broken prior records in California. The Thomas Fire burned through a legal marijuana business at the close of last year (and the start of this one). The payout for the insurance claim was $1 million – higher than any previous payout in this category. This wildfire insurance payout is an indicator of the speed of growth of the legal marijuana industry. A Southern Californian cultivator of marijuana was covered by…

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California cannabis business insurance is now more widely available

cannabis business insurance marijuana

Businesses working within the legal marijuana industry now have options for covering potential losses. The medical marijuana industry in California has struggled with a significant stigma and, until recently, cannabis business insurance opportunities have been few and far between. That said, coverage is now opening up for these companies who want to protect themselves against losses relating to their facilities, products, or other business related perils. This week, the California Insurance Commissioner, Dave Jones, released a statement to this extent. Jones explained that the California has approved the first cannabis…

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California’s Dave Jones asks for cannabis insurance coverage in the state

cannabis business insurance marijuana

Large players in the insurance industry are typically staying away from the drug, even where it’s legal. California Insurance Commissioner Dave Jones is seeking to improve the cannabis insurance availability in the state. The primary issue is that large insurance companies are hesitant to provide coverage in this portion of the industry. The United States is regularly launching regulated and perfectly legal markets in which patients can shop. Despite the fact that these markets are indeed regulated and legal, insurers, like banks, have stayed away. Jones is seeking to change…

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Marijuana insurance industry is taking off like wildfire

Medical Marijuana Insurance Industry

This emerging market is rapidly growing strength throughout the United States with legalized cannabis. The marijuana insurance industry has exploded since certain forms and uses of medicinal cannabis received approval. That said, there have yet to be many participants in this particular part of the market. Still, there are a few players that have been carving their way into medicinal marijuana policies and coverage. Even before Lloyd’s of London stepped into – and then departed – the marijuana insurance industry, there was already a firm called New Wave Insurance taking…

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