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When a metadata template has been applied to a folder, a metadata cascade policy can be created by calling the POST /metadata_cascade_policies API endpoint with the folder_id of the folder to apply the policy to, and the scope and templateKey of metadata template to. 
curl -i -X POST "https://api.box.com/2.0/metadata_cascade_policies" \
     -H "authorization: Bearer <ACCESS_TOKEN>" \
     -H "content-type: application/json" \
     -d '{
       "folder_id": "12321",
       "scope": "enterprise_27335",
       "templateKey": "productInfo"
     }'
To get the scope and templateKey for a template, either list all metadata templates, or list all instances on an file.
A cascade policy can only be created if a metadata instance has already been applied to the folder with the given scope and templateKey.