What is a Marijuana Surety Bond?
Marijuana surety bonds guarantee that your dispensary will operate in accordance with your state's laws and regulations, and can be required of both medical and recreational marijuana dispensaries to obtain a license. However, whether you need a bond, and the specific bond type required will vary depending on your operation/the state you're conducting business in. As more states legalize both medical and recreational marijuana, the number of bond requirements will likely increase across the country.
For example, if you want to operate a marijuana dispensary in Alaska, you will need a bond which guarantees you will report/pay taxes on the goods you sell to the state in a timely fashion. If you don't pay the required taxes, a claim will be filed on your bond which you must pay.
In Oklahoma, any applicant for a commercial medical marijuana grower license must submit a surety bond with an amount of at least $50.000, along with their application.
How Much do Marijuana Surety Bonds Cost?
These bonds generally cost between 1-15% of the required bond amount. The percentage you must pay (your rate) is based on your financial strength, e.g. personal credit, business financials, etc. When you're set to take the next step, click here for a swift, no-obligation quote – entirely free of charge.
Marijuana Surety Bond Requirements
The need for a marijuana surety bond varies from state to state and depends on the license you’re applying for. In Ohio, for example, you need to be bonded should you wish to conduct business as one of the following:
- Testing Laboratory
In other states, like Oklahoma, you need a surety bond to run a marijuana establishment or to cultivate it for medicinal use.
If you're unsure whether you need a bond, you can select your state from the list below to view the bond requirements. You can also take a look at our most frequent surety bond related questions.
Frequently Asked Questions
Apply and get approved on our website, sign the surety agreements, and we will ship the bond out. If you would like to learn more about what surety bonds are and how they work, you can read our detailed guide here.
Yes, it’s possible, but bad credit usually results in higher rates.
Yes. We provide the lowest rates possible as a result of the large volume of bonds we write.
You must contact us immediately, as we have a team of claim specialists here to find a resolution for you. Keep in mind, it is crucial that you work with an expert in the surety industry. Learn more about how to ensure you choose the proper bond company.