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First Cannabis Insurer Approved by California Insurance Commissioner

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[dropcap class=”kp-dropcap”]L[/dropcap]ed by Insurance Commissioner Dave Jones, California’s newest product liability and recall programs have finally been approved. These regulations will help to establish a more solid insurance policy for legal cannabis businesses.

The program will be implemented by Continental Heritage Insurance Company, which will help protect cannabis businesses “against claims arising from commercial cannabis activity for licensed business in California,” according to the press release.

Spearheading the campaign for awareness of the necessity of insurance in cannabis, Jones is certain that this is a monumental step forward in helping protect cannabis business owners, as well as consumers. “Whenever anyone shops in, works in, sells products to, or invests in a cannabis business, I want there to be insurance coverage available,” he said. “Continental Heritage Insurance Company’s insurance product is another example of the success we are having in getting more insurance coverage for the cannabis industry. I encourage more insurance companies to follow Continental Heritage’s lead and file insurance programs to fill the gaps in coverage for the cannabis industry.”

Continental Heritage Insurance Company’s This insurance program will insure licenses types such as Cultivator, Manufacturer, Distributor, Retail and Medical. Lab testing is not currently protected.

Jones has been an essential part of advocating cannabis-based insurance in California. In November 2017, he approved the first filing and approval of cannabis insurance. Just a few months later in February, he helped establish a surety bond program. Finally and most recently in early May, he approved coverage of commercial landlords.

Last week, Jones restated how important it is to have insurance companies offer insurance products to the cannabis industry, citing how not only is cannabis changing, but even opinions on  the federal level are beginning to alter their opinions. Jones noted that President Donald Trump “abandoned” Attorney General Jeff Sessions’ policy on cannabis recently.

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