A surety bond is a third-party guarantee that a principal, in this case a cannabis license holder, will comply with his or her obligations to the state and to customers. In other words, an insurance company steps in with its good name and creditworthiness and agrees to stand behind the promises of a licensee to “do the right thing.” Surety bonds are largely issued through surety agents that possess experience in bonding. Surety is a small niche product in the insurance world. There are not many insurance agents that specialize specifically in surety insurance. With a unique risk like a cannabis business surety bond, who would step forward in to the unknown? There is one.
From a modest office in
Says Poindexter, “I’ve always felt that cannabis products should be available to treat the effects of illness. It’s a quality of life thing from my perspective. I read quite a bit about it and looked at the reasoning behind the states’ push to legalize. It turned out that marijuana wasn’t the scary narcotic that the federal government has made it out to be. We read the bond forms that the states put out, got our heads wrapped around the obligations and decided that this is a space that we want to be involved in. At the start we all laughed when clients requested bonds from us because they asked how we could deliver from a communist island. I guess that they confused us with
There has been no going back. To date, the
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