Many states have legalized the sale of marijuana for medical or recreational purposes. In some states, businesses must acquire a surety bond before they are legally allowed to open a medical or retail marijuana dispensary.
Each state requires a particular type of marijuana surety bond, with its own purpose and scope. Some cities and counties may require their own bond forms in addition to the forms that are required for licensing at state level. Surety1 can help you get the correct forms for your dispensary in Colorado.
In Colorado, this bond is required throughout the entire state, and specific counties or cities may have their own special requirements.
In Colorado, the bond amount varies depending on your city or county. The City of Lafayette has a specific bond amount requirement of $5,000. The cost of the bond (the amount you actually pay to get the bond) is a percentage of this. The bond amount for other cities in Colorado will vary.
The costs for this bond is referred to as the premium. The premium is not the bond amount; it is a certain percentage of the bond amount. The exact premium amount will be discussed between you and your agent after you submit an application for the bond.
Credit is a factor when calculating the premium along with the bond amount. Surety1 works with all types of credit and businesses.