Ohio cannabis firms can turn to insurer for surety bonds

Entrepreneurs applying for medical marijuana business licenses in Ohio – but worried about having the financial cushion required by state law – can tap a source that’s typically not considered a go-to business resource for MJ firms: an insurance company. Ohio’s medical cannabis law requires applicants to demonstrate their financial stability by showing escrow account balances of $750,000 for a Category 1 Cultivation license and $75,000 for a Category 2 cultivation license. In lieu of capital, companies also may post a surety bond issued by an authorized insurance company. At least a couple of ... Ohio cannabis firms can turn to insurer for surety bonds is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Ohio cannabis firms can turn to insurer for surety bonds

Entrepreneurs applying for medical marijuana business licenses in Ohio – but worried about having the financial cushion required by state law – can tap a source that’s typically not considered a go-to business resource for MJ firms: an insurance company. Ohio’s medical cannabis law requires applicants to demonstrate their financial stability by showing escrow account balances of $750,000 for a Category 1 Cultivation license and $75,000 for a Category 2 cultivation license. In lieu of capital, companies also may post a surety bond issued by an authorized insurance company. At least a couple of ... Ohio cannabis firms can turn to insurer for surety bonds is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs