Ohio-Based Insurer Provides Surety Bonds For Ohio Medical Marijuana Control Program
CLEVELAND, May 2, 2017 /PRNewswire/ — Continental Heritage Insurance Company today announced a program to provide surety bonds to applicants for Ohio’s Medical Marijuana Program. Continental Heritage, based in Mayfield Heights, Ohio, is an insurance carrier rated A- by AM Best.
Edward Feighan, an owner and director of Continental Heritage, is leading the new bond program. Mr. Feighan is a former Member of Congress 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.
“Continental Heritage has over thirty years of experience writing surety bonds,” stated Mr. Feighan. “We have been monitoring the marijuana industry and are eager to help Ohio applicants that qualify as financially stable cultivators of medical marijuana.” Continental Heritage plans to expand its program for processing and dispensation applicants once the applicable rules are finalized.
“It’s exciting to see the national trend towards legalization of medical marijuana reach our home state,” observed Charles Hamm, President of Continental Heritage. “Our heritage is helping clients in emerging markets navigate bonding requirements, so this is right in our wheelhouse – not to mention our backyard.”
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.
ABOUT CONTINENTAL HERITAGE INSURANCE COMPANY: Continental Heritage Insurance Company is an insurance carrier specializing in surety with executive offices in Mayfield Heights, Ohio. The company has an A- rating from AM Best. The senior management team has been engaged in providing risk management solutions for a variety of industries since 1980.