An Illinois marijuana surety bond is a $50,000 surety bond that is required to be posted by businesses that would like to engage in any marijuana-related activities. The different license types that require bonds are:
The Illinois marijuana surety bond guarantees that you will follow all applicable regulations in your operations as a business related to marijuana. In order to get bonded, you would pay a percentage of the required bond amount of about 1–5 percent depending on credit and financial strength. Since the bond amount that is required is $50,000, the cost of the bond may range from $500 to $2,500.
A copy of the bond must be received by the Department (obligee) within 90 days of the effective date of the bond. We, as the surety, will give the applicant at least 30 days notice before the bond is canceled. The bond will be canceled if it is not renewed in a timely manner, which is every March 31 of even-numbered years. We will give you plenty of notice when your bond is up for renewal via email and phone.
Currently, the cost of an Illinois recreational marijuana bond is about 1–5 percent of the total bond amount, with the percentage being determined based on the applicant’s credit and financial strength. As the bond amount is $50,000, applicants would pay between $500 to $2,500.
Cultivation centers, craft growers, processors, transporting organizations, and other forms of marijuana dispensing organizations are required to be licensed with a marijuana surety bond by the laws and regulations required by the Illinois Department of Agriculture (Obligee). Dispensing organizations are required to be bonded through the Illinois Department of Financial and Professional Regulation (Obligee) in order to be properly licensed and registered prior to conducting business.
The bond will renew on March 31 of every even-numbered year. We will notify all applicants at least 30 days prior to the cancelation of their bond via phone and email.
Submit an application with us today to start the bonding process for an Illinois marijuana surety bond. Once this application is received, one of our surety bond experts will work with you to evaluate all necessary information including the completed application, bond forms, payment of the bond, financial documents such as credit scores, income statements, and other documents, such as licensing applications, land permits, compliance summaries, etc.
If you have any questions, contact The ProSure Group today! As surety bond experts in the business since 1993, The ProSure Group has experience handling bonds of this type and partners with more than 30 different surety companies. This ensures that we get you the best, most competitive pricing and terms available in the marketplace. You just need to complete our simple application and one of our specialists will quickly contact you.
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