Insurance Commissioner Dave Jones has approved the first surety bond program for the cannabis industry in California. This new program is the first of its kind for the state's evolving cannabis industry.

Cannabis Surety Bonds are needed for various entities seeking licensure under the Medicinal and Adult-Use Cannabis Regulation and Safety Act. California requires a surety bond in the amount of $5,000 for most licensing categories. Surety bonds are required by licensing agencies to guarantee the behavior of licensees.

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Denny Jacob

Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].

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