Ohio cannabis firms can turn to insurer for surety bonds

420Patients.com is accepting qualified medical marijuana patients and caregivers to join our network. We value every registered member and we hope to serve you in Arizona. This article brought to you by 420 community friends mmjbusinessdaily.com

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

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