California Insurance Commissioner Dave Jones has been on a mission to ensure state-legal cannabis businesses have commercial insurance coverage and with his announcement of the first California cannabis surety bond program on Feb. 21, 2018, he continues to make progress.
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SACRAMENTO, Calif., Feb. 21, 2018 /Weed Wire/ — Insurance Commissioner Dave Jones announced today he has approved the first surety bond program for the cannabis industry in the State of California. Continental Heritage Insurance Company is the first insurer in the state to be approved to offer surety bonds for the cannabis industry.
CLEVELAND, OHIO, Jan. 30, 2018 /Weed Wire/ — Cannasure Insurance Services (Cannasure), the premier cannabis insurance MGA and wholesale broker, announced today it will launch a comprehensive coverage program to support the cannabis industry.
It looks like the California Insurance Commissioner has taken a pivotal step for the state’s cannabis industry. On Nov. 2, 2017, Dave Jones approved a commercial insurer’s offering of cannabis business insurance for the first time.
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.
With last week’s devastating wildfires in Northern California and the state’s impending rollout of recreational cannabis on Jan. 1, 2018, California wants legal cannabis businesses to have commercial cannabis coverage and California Insurance Commissioner Dave Jones is on a mission to make it happen.
The wildfires scorching Northern California have burned down at least 34 marijuana farms, just as the state prepares to launch a legal recreational marijuana industry. Now an attempt to crowdfund money online for farmers in Sonoma and Mendocino counties has been shut down by payment provider WePay.
LOS ANGELES, Calif., Oct. 19, 2017 /Weed Wire/ — Insurance Commissioner Dave Jones held a public hearing today to identify insurance gaps faced by the cannabis industry. Cannabis businesses and insurance industry representatives testified about the limited availability of insurance for the cannabis businesses.
Business owners hoping to enter into Michigan’s medical cannabis industry will likely need a large amount of start-up capital in order to become licensed.
Wildfires are continuing to lay waste to Northern California. Beyond the loss of life and land, some of those that have survived are waiting to sift through the ashes of their cannabis businesses knowing they don’t have cannabis insurance to recoup their losses.
ANAHEIM, Calif., Aug. 28, 2017 /Weed Wire/ — The first-ever California Cannabis Business Conference, presented by the industry’s leading trade associations, CCIA and NCIA, is less than a month away.
ATLANTA, GA, July 10, 2017 /Weed Wire/ — CannaConsumer Magazine announced today that it has published its June / July 2017 issue of the CannaConsumer Magazine. In this issue, learn about Paul Himmelstein and his passion for providing many types of insurance for cannabis consumers.
Hawaii’s burgeoning medical marijuana was dealt a serious blow as news came out that the state’s largest workers’ compensation insurer would be dropping its clients in the medical marijuana industry.
A new study finds an increase in accident insurance claims in three marijuana states that have approved the sale of cannabis for recreational use.
On May 23, 2017, Dave Jones, Insurance Commissioner for the California Department of Insurance, brought together a group of 63 insurance-related stakeholders to discuss cannabis protections for state-legal cannabis businesses.
SACRAMENTO, Calif., May 22, 2017 /Weed Wire/ — Today Insurance Commissioner Dave Jones convened 63 insurance-related stakeholders to make sure they have time to comment on cannabis-related regulations with insurance provisions currently under consideration by other state agencies.
A new report published in Health Affairs found that if all states had legalized medical marijuana in 2014, Medicaid could have saved $1 billion in spending on prescriptions.
On April 12, 2017, the NYSDFS announced that it has reminded state-authorized health insurers that they must provide coverage for office visits that fall under the insured’s policy of covered services, including those resulting in patients receiving medical marijuana certifications.
ALBANY, N.Y., April 12, 2017 /Weed Wire/ — Department of Financial Services is reminding all insurers authorized to write insurance in New York State that they must provide coverage for office visits for covered services, including those that may result in a medical marijuana certification, as long as the visit was not solely for the purpose of the certification.
On Jan. 19, 2017, the German Bundestag, the national parliament of the Federal Republic of Germany, adopted a law to legalize medical cannabis, according to a statement from the Bundestag.
Medical Marijuana is legal in Florida as of Tuesday, but the change is not coming without challenges for patients.
The marijuana industry is proving to be profitable for landlords, with businesses willing to pay premium rents. Conversely, it is also complex and has many details from a risk management standpoint.
The legal use of marijuana could increase substantially by the end of the year as several U.S. states, including California, vote on its use for recreational or medical purposes. This could open new markets for insurance coverage in areas including property and casualty and health.
BROOKLYN, N.Y., Aug. 30, 2016 /Weed Wire/ — More than 200 high net worth investors from around the world eager to invest in the fastest growing industry in America will gather at the New York Marriott Brooklyn Bridge Hotel for a two day Shark Tank-like pitch forum on Monday, September 12th and Tuesday, September 13th, hosted exclusively for members of The Arcview Investor Network.
As business owners, managing risk is something we are all aware of, but it’s often pushed to the side, especially with new businesses, in the battle for cash flow and stability. We tell ourselves that we will work on risk once we are making money.
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.”
Business owners were hit with a surprise in 2015 when Lloyd’s of London—one of the largest insurers in the cannabis industry—announced it was backing away from the business. It cited regulatory uncertainty and the high risk nature of the business.
United States Sen. Chris Murphy, D-Conn., is calling for a federal reclassification of marijuana.
In a development that has been brewing in Germany since last year, the government quietly released a draft of its medical marijuana bill, “Cannabis as Medicine,” on Jan. 7, 2016.
If you are a fan of something, there is probably a club for it and that club will deliver products directly to your door. Even marijuana fans can get in on this business model.
Being able to afford medication has always been a concern of the sick, and especially the poor and sick. As marijuana becomes the answer for more health problems, the same question applies, “How can I afford it?”
JOHNSTOWN, Ohio — Andy Joseph didn’t seek the marijuana industry — it found him.
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.
The nature of marijuana is to burn, or vape, in order to consume. But what if your marijuana is damaged in a fire, lost in a robbery or otherwise destroyed? Does your insurance cover it?
One of the biggest issues facing the cannabis industry right now is money. It is not so much a lack of money, but rather what to do with it.
On the surface, the recent High Times Cannabis Cup in Seattle appeared to be one big counter culture smoke fest for “Free the Weed!” enthusiasts. With reggae music pumping and Twitter ablaze with photos of cannabis dabbing Millennials blowing psychotropic smoke rings, there were clusters of grizzled gray beards and former hippies now eligible for AARP discounts.
The Patient Protection and Affordable Care Act (ACA) has faced conservative opposition ever since the subject first cropped up. Despite that, it is in place and moving along quite nicely, at least for now. A similar amount of opposition has confronted the campaign for medical marijuana. Until recently, issues regarding the ACA and medical marijuana have remained separate, which is best for both; however, new reports have highlighted that issues of insurance and medical marijuana are intersecting.
Smokin’ new insurance policies could be surfacing for those looking to get involved in the cannabis-related businesses.