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New York Medical Marijuana Surety Bond
What is a New York Medical Marijuana Bond?
A New York Medical Marijuana Surety Bond is a $2 million surety bond that is posted by a business applying to be a registered organization and operate dispensing facilities in the State of New York.
When applying to become a registered organization in New York State, a business may choose to post a $2 million marijuana surety bond in lieu of possessing or having the rights to use the premises and the equipment required to implement the activities outlined in the application. Any business is eligible to post a Medical Marijuana Surety Bond in New York to fulfill the application requirement.
For a well-qualified applicant with respectable credit and solid financial credentials, a surety bond can be written for as low as 1% of the total bond amount; this amounts to $20,000 for a $2 million surety bond.
Registered organizations include for-profit entities and not-for-profit corporations that acquire, possess, manufacture, sell, dispense, or deliver medical marijuana to licensed consumers. Each registered organization can operate up to four dispensing facilities in New York State. Registrations must be renewed every two years, at which time proof of a $2 million surety bond could be necessary again.
The New York State Department of Health has the authority to review applications as well as enforce the rules on surety bonds and other requirements with currently registered organizations.
If you need a New York medical marijuana surety bond, but the pertinent information is not found above, please call our toll-free number, 1-800-480-3883. Legislation is always evolving, and we may not have had the opportunity to update our website yet. Most bonds are required by state laws, but several bonds are needed at the county and city level as well. Regardless of whether the bond you need is listed or not, we can write it for you!