Surety Bond for Cannabis Approved
California has approved the state’s first surety bond program for the cannabis industry. Surety bonds for the cannabis business can now be issued by Mayfield Heights, Ohio-based Continental Heritage Insurance Co., the first insurer in the state to be approved to offer surety bonds for the cannabis industry. Such bonds are required for certain licensing.
California Insurance Commissioner Dave Jones launched an initiative last year to encourage commercial insurance companies to write insurance to fill coverage gaps for the cannabis industry. “Cannabis businesses should have insurance coverage available to them just like any other California business,” Jones said in a statement.