A new insurance product for the medical marijuana industry has been unveiled by a Rancho Cordova, Calif., company that said it is the first one available in all 50 states.

While only 14 states permit the use of medical marijuana, Statewide Insurance Services says it is only a matter of time before other states relent, Mike Aberle, an insurance agent with the firm, told the Sacramento Bee.

Statewide’s nationwide program covers medical marijuana dispensaries (MMDs), workers’ compensation, general liability, auto insurance – for vehicles used to transport medical marijuana – equipment breakdown/damage, property/product loss – including theft of stock and “spoilage,” and operations related to marijuana growing, according to the report and Statewide’s website.

Aberle, who goes by the title “MMD Insurance Broker,” told the Bee he began the process of forming Statewide’s MMD unit in 2007 and has provided insurance to clients in California, Colorado, New Mexico and Rhode Island over the last three years.

Premiums range from about $650 to $25,000 a year, with numerous variables affecting price, Aberle said, adding that typical policies have annual premiums in the $1,000 to $4,000 range.

Statewide’s website says the MMD coverage is endorsed by the American Alliance for Medical Cannabis and “works with top-rated national insurance carriers to meet the specific and changing needs of the medical marijuana dispensary industry.”