Dave Jones, California's insurance commissioner, has held a public hearing to discuss the coverage gaps facing the state's cannabis industry. Cannabis businesses face insurance availability and insurance gaps – which means that cannabis customers, workers and business owners won't have access to insurance to help them recover if there are accidents, injuries, property damage, or any of the things commercial insurance typically covers," said Insurance Commissioner Dave Jones. Cannabis usage among adults for recreational reasons will become legal in California in January. The industry is slated to be worth between $20bn and $25bn within five years. While some surplus lines insurers provide coverage for the emerging industry, very few commercial insurers have developed policies. In California, where medical marijuana was legalised last year, only one insurer – Molina Healthcare of San Diego – offers policies that cover cannabis.
Dave Jones, California's insurance commissioner, has held a public hearing to discuss the coverage gaps facing the state's cannabis industry. Cannabis usage among adults for recreational reasons will become legal in California in January. The industry is slated to be worth between $20bn and $25bn within five years. While some surplus lines insurers provide coverage for the emerging industry, very few commercial insurers have developed policies. In California, where medical marijuana was legalised last year, only one insurer – Molina Healthcare of San Diego – offers policies that cover cannabis.