Oklahoma $50,000 Medical Marijuana Grower Surety Bond
If you are looking for information, forms, or applications for an Oklahoma Medical Marijuana Surety Bond, then connect with a surety expert today by calling (866) 426-1645 or submitting a bond request now. We will make sure to walk you through each step of our simple and easy bonding process.
What is an Oklahoma Medical Marijuana Growers Bond?
- An Oklahoma Medical Marijuana Growers Bond is a $50,000 surety bond that is required to be posted before an entity receives an Oklahoma Medical Marijuana Growers License. The price of the surety bond depends on the applicant's credit report and financial strength.
- The surety bond guarantees payment to the obligee for any monetary penalties the licensee incurred during operations. This includes any costs stemming from the disposal of unused marijuana, marijuana products, hazardous materials, or other waste.
- The Oklahoma Medical Marijuana Authority (OMMA), 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.
Additional bond information can be found on the OMMA Website
Who Is Required to Have the Oklahoma $50,000 Medical Marijuana Grower Surety Bond?
Grower license applicants must submit proof of one of the following to Oklahoma Medical Marijuana Authority (OMMA):
- A surety bond for at least $50,000 per license; or
- Proof that the licensee has owned the licensed premises for at least 5 years.
Grower licensees submitting renewal applications and applicants for new grow licenses must submit this documentation as part of their application. OMMA will verify the bond or proof of land ownership during the review process of a new or renewal medical marijuana grower license application.
Licensing information can be found on the OMMA website.
Section 427.14 of Title 63 of the Oklahoma Statutes states that an applicant for a commercial grower license or commercial grower licensee(principle) shall file with the Oklahoma Medical Marijuana Authority(obligee) a bond satisfactory to the Authority and in the amount no less than Fifty Thousand Dollars ($50,000.00) for each license sought or held, with a surety company qualified to do business in this state as a surety. It's important to note that failing to fulfill the bond's terms as outlined in the Oklahoma code can result in claims being filed against your bond. In the event of a judgment against you, the surety company will pay valid claims up to the full $50,000 bond amount, which you must then reimburse.
Why Choose The ProSure Group?
Whether you are looking for an Oklahoma Medical Marijuana Grower Surety Bond or any other type of surety bond in Oklahoma, The ProSure Group helps you find the right surety bond quicker & easier. Our goal is to provide you with simple and efficient service so you can focus on your business while we make sure your suppliers are dependable.