California Approves First Commercial Pot Insurer
California has cleared one major hurdle ahead of the Jan. 1 start date for recreational pot sales. On Thursday, State Insurance Commissioner Dave Jones announced that the state’s commercial marijuana business owners would be able to purchase commercial insurance for the first time.
Golden Bear Insurance Company has been approved as the state’s first commercial insurance company covering marijuana businesses. It can begin writing its policies immediately.
Jones hopes the number of approved commercial insurers for the state’s pot industry will quickly grow.
“This is the first of what I hope will be many commercial carriers filing insurance products to fill insurance coverage gaps for the cannabis industry,” said Jones. “Consumers who visit cannabis businesses, workers who work there, businesses who sell products to or rent property to cannabis businesses, and the investors, owners and operators of cannabis businesses all should have insurance coverage available to help them recover when something goes wrong just as any other legalized business does.”