Cannabis businesses licensed by the State of California may now purchase commercial insurance coverage from an admitted commercial insurance company. Insurance Commissioner Dave Jones has approved the filing of the first admitted commercial insurance company to file cannabis business insurance, so that the insurer can begin writing policies and offering coverage for cannabis business owners.
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According to the Yahoo Finance, Sun Life and BMO Insurance, two of Canada’s largest life insurers, announced that they would no longer count marijuana users as “smokers.”
On May 29, 2015, Marijuana Business Daily reported that it had viewed a memo from insurance behemoth Lloyd’s of London, wherein it directs its underwriters not to write or renew existing policies to cannabis-based companies until the plant is legal on the federal level.