AAIS gains approval of insurance program in Colorado

LISLE - The American Association of Insurance Services, the only national not-for-profit insurance advisory organization governed by its member companies, has gained approval for its Cannabis Businessowners Policy program from the Colorado Department of Insurance.

The CannaBOP program was first introduced by AAIS in California last year. The AAIS Colorado CannaBOP program provides a package policy with both property and liability coverage for qualifying Colorado cannabis dispensaries, storage facilities, distributors, processors, manufacturers, and private cannabis testing facilities and laboratories.

The U.S. cannabis industry is expected to generate more than $20 billion in medical and recreational sales, and over 250,000 jobs by 2020. With an approved policy form, carriers are better able to respond to the unique risks inherent in cannabis businesses within Colorado.