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California Insurance Commissioner Dave Jones said Monday he has approved the first cannabis business owners policy in the state.
The American Association of Insurance Services has designed the new CannaBOP program for cannabis dispensaries, storage facilities, processors, manufacturers, distributors another and other cannabis-related businesses operating in the state, Mr. Jones said in a statement.
The Lisle, Illinois-based not-for-profit organization said in April that it had filed the policy with the department.
“Cannabis businesses need insurance coverage to help them recover when something goes wrong just as any other legalized business does,” said Mr. Jones said in a statement.
The American Association of Insurance Services, an insurance advisory organization, filed a cannabis businessowners policy in California on Friday that it said was the first of its kind.