Ohio’s Continental Heritage Insurance Co. has rolled out a program to provide surety bonds to applicants for Ohio’s Medical Marijuana Program.
Edward Feighan, an owner and director of Continental Heritage, is leading the new bond program. Feighan is a former congressman from Cleveland (1983-1993), the founding CEO of CBIZ Inc., and chairman and CEO of ProCentury Corp., a national property and casualty insurance company.
The Ohio Medical Marijuana Control Program recently finalized application rules for marijuana cultivation licenses.
In lieu of posting cash collateral to demonstrate their financial reliability, applicants can post a surety bond issued by an authorized insurance company. The cash or bond amounts required are $750,000 and $75,000 for Cultivation Categories I & II, respectively.
The Ohio Legislature and Gov. John Kasich approved the medical marijuana program last year. The Ohio Medical Marijuana Control Program is the official state agency promulgating the rules and regulations regulating the cultivation, distribution and use of medical marijuana in Ohio.
Continental Heritage, based in Mayfield Heights, Ohio, is rated A- by AM Best.
Source: Continental Heritage Insurance Co.
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