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.
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SACRAMENTO, Calif., Feb. 21, 2018 /Weed Wire/ — Insurance Commissioner Dave Jones announced today he has approved the first surety bond program for the cannabis industry in the State of California. Continental Heritage Insurance Company is the first insurer in the state to be approved to offer surety bonds for the cannabis industry.
On April 3, 2017, GB Sciences (OTCQB:GBLX) announced that it had submitted an offer to cultivate, extract, process and produce medical cannabis for Louisiana State University, one of two state-sanctioned medical cannabis cultivators.
The Florida senate bill designed to authorize the medical use of low-THC strains of cannabis has been put on hold yet again due to opposition from patients and potential applicants.