California approves three insurers for cannabis coverage

California’s insurance commissioner Dave Jones has approved three more insurance carriers to offer coverage for the cannabis industry in the US state.

The North River Insurance Company and United States Fire Insurance Company are beginning to offering coverage immediately and White Pine Insurance Company will begin offering coverage later this month, according to an Aug. 2 press release. All three insurance carriers will write surety bonds for the cannabis businesses.

"The approval of these new products means California cannabis businesses have more options for insurance coverage available to them," Jones said. "I continue to encourage more insurance companies to file cannabis business insurance products with the department to meet the needs of this emerging market."