Insurance For Medical Marijuana Industry?

CALIFORNIA: A local insurance broker sees a business opportunity in protecting the assets of medical marijuana growers and dispensaries in California and elsewhere.

Sacramento-based MMD Insurance Services — the MMD stands for Medical Marijuana Dispensary — claims to be the first general insurance agency to offer comprehensive insurance for the medical marijuana industry in states that allow the business.

With an eye toward business in Colorado and Washington, MMD rolled out new coverage last month that seeks to ensure that growers and dispensaries that sell their product are compensated for losses by natural disaster — or federal raid.

The product does so by taking the exclusion for marijuana and its derivatives out of the insurance contract.

Read full article @ Biz Journals