Only six large insurers in the United States are currently offering this type of coverage. Despite the fact that 32 states have legalized medical and/or recreational marijuana use, it remains challenging to obtain cannabis business insurance for companies in this market. There are a number of difficulties that are holding insurers back from selling this coverage. Among the top hurdles in the way of cannabis business insurance is the fact that medical and recreational marijuana use remains illegal on a federal level. As a result, despite the fact that it…
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California Commissioner encourages insurers to sell cannabis industry insurance
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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