It’s no longer a secret that the cannabis industry is growing in a big way. In a remarkably short amount of time, cannabis has already been fully legalized in five states and legitimized in 20 other states and the District of Columbia for medicinal purposes, with legalization likely in many other states in the coming months and years. Today, cannabis is an industry with the potential for multiple billions of dollars in growth.
California Insurance Commissioner Dave Jones has been on a mission to ensure state-legal cannabis businesses have commercial insurance coverage and with his announcement of the first California cannabis surety bond program on Feb. 21, 2018, he continues to make progress.
More strife is on the horizon for Ohio’s troubled medical cannabis program. On Feb. 20, 2018, a group of unsuccessful medical cannabis applicants, led by Jimmy Gould of CannAscend Ohio LLC, filed a lawsuit challenging the state’s medical cannabis licensing process.
While the province of Newfoundland and Labrador has its key policies in place for recreational legalization and has secured a supply agreement with Canopy Growth Corporation (TSX:WEED) to provide cannabis for the province, it is now ready to hear from prospective cannabis retailers.