Cannabis BOP Approved in Nevada
The American Association of Insurance Services (AAIS) has expanded its Cannabis Businessowners Policy (CannaBOP) into Nevada, with the program obtaining approval just four days after its submission to the Nevada Division of Insurance. Under the Nevada CannaBOP program, both property and liability coverage are available for dispensaries, storage facilities, distributors, processors and manufacturers.
The CannaBOP program is currently available in only California, Nevada and Colorado. However, AAIS expects to develop similar programs for Alaska, Washington, D.C., Illinois, New York and several other states. AAIS says that cannabis sales in the U.S. could exceed $15 billion this year, with Nevada alone expected to reach $1 billion by 2022.