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Oklahoma Marijuana Establishment Surety Bond
What is an Oklahoma Medical Marijuana Bond?
An Oklahoma Medical Marijuana Bond is a $100,000 surety bond that is required to be posted before an entity receives a license to operate a marijuana establishment. The price of the surety bond depends on the applicant’s credit report and financial strength. Those with strong financial credentials can qualify to pay as low as 1% of the total bond amount.
The surety bond guarantees payment to the obligee for any monetary penalties the licensee incurred during operations. The bond also covers any costs stemming from the disposal of unused marijuana, marijuana products, hazardous materials, or other waste.
There are four (4) specific categories of commercial establishments that are required to post a $100,000 surety bond to hold an Oklahoma marijuana license:
Medical Marijuana Dispensary, or an entity that purchases medical marijuana from a licensed processor or grower and sells to qualified patients or caregivers;
Grower, or an individual or commercial operation designed to grow, harvest, and package medical marijuana for sale to a dispensary, processor, or researcher;
Processor, or an entity that is authorized to purchase medical marijuana from a commercial grower and prepare, manufacture, package, sell, or deliver the products to a licensed dispensary or another processor; and
Researcher, or an individual or establishment that is permitted to possess marijuana solely for human and plant research purposes.
The Oklahoma Medical Marijuana Authority, a division of the Oklahoma State Department of Health, has the authority to regulate marijuana licensees. The Oklahoma State Department of Health is the Obligee on the bond.
Entities that are eligible to be marijuana licensees in Oklahoma include natural born persons, limited partnerships, general partnerships, limited liability companies, estates, trusts, associations, corporations, or any other legal or commercial entities.
If you need an Oklahoma Cannabis Surety Bond but don’t see it above, please call our toll-free number, 1-800-480-3883. Legislation is always changing, and we might not have had the opportunity to update our website yet. The majority of bonds are required at the state level, although some are needed at the county or city level. Regardless of whether it is listed or not, we can write the bond!
