California Insurance Commissioner Dave Jones is not thrilled with large insurance carriers staying away from the marijuana industry. As prohibition in states continue to crumble, there will be a need for insurance carriers to insure the industry.
Jones, who is a City Council member in Sacramento and has been holding meetings with the intent of educating major insurers so that they will want to insure the fast growing cannabis industry.
He told the Cannifornian, “I’m a big believer in competition. “Through competition we get better pricing, better quality and more choice in products.”
The marijuana businesses that do have insurance are stuck with surplus line policies that more expensive and more strict than license carriers. Why can’t these businesses get better coverage and lower rates?
With the Golden State looking to attract major insurers, it could be just the start around the nation to open doors for other states where cannabis is legal.