9 April 2016
Adherence Compliance, the global leader in cannabis regulatory compliance software and services, today announced its latest program offering to help mitigate risk for commercial insurers and reinsurers in the cannabis industry. The Cannabis Insurance Program, the only automated solution of its kind available, allows companies to set industry-specific insurance underwriting standards for their cannabis clients and policies.
“Cannabis is one of the most highly regulated industries in the United States. Many insurance providers, and reinsurers, are having difficulty in securing proof that their policies are in compliance with contractual responsibility of commercial cannabis insurance. Our goal was to address an industry wide vulnerability and create a custom commercial assessment specific to the license-based cannabis industry. Our insurance program is an innovative approach in utilizing our current SCORE App software and cloud-based Enterprise Compliance Platform. The interest in our new program has been overwhelming,” said Steve Owens, CEO of Adherence Compliance.
The Adherence Compliance Cannabis Insurance Program incorporates traditional aspects of a commercial underwriting assessment along with requirements, regulations and risks specific to cannabis business operations by license type. License types include medical and recreational stores/dispensaries, cultivation centers and infused production operations. Adherence’s insurance assessment process and reports are state-specific and available for policies in Colorado, Washington, Oregon, California, Nevada, Arizona, New Mexico, Illinois, Massachusetts, New York, Maine and Connecticut with more states debuting in the coming months.
Adherence offers two program options for its Cannabis Insurance Program – with or without quarterly data share. The data share option provides quarterly reports, trends and summaries of insurance assessments conducted within the provider’s network. Adherence’s program, along with the software platform, is the first of its kind for the commercial cannabis insurance market by providing automated industry-specific insurance inspection services and assessment reports via its cloud-based technology platform.
About Adherence Compliance
Adherence Compliance is the global leader in regulatory and financial cannabis compliance. Adherence provides automated compliance programs for Owner/Operators, Certified Resellers, Insurance Providers, Banking Partners and Regulatory Agencies. For more information, please contact 720-616-3900.