The Florida Medical Marijuana Bond is required by the Florida Department of Health. The bond amount is a set amount of $5,000,000 the bond is a requirement to obtain a license as a Medical Marijuana Treatment Center for the cultivation of marijuana for medical use. Twenty-Two new license applications will be accepted by the state from April 24 to April 28, 2023. If the application is successful, prior to being issued a license, the licensee must provide the $5,000,000 surety bond.
See our “What is a Surety Bond” Video.
See our “How does the Surety Bond Process Work” Video
What are the requirements to obtain an MMTC license?
- Only Licensed Medical Marijuana Treatment Centers (MMTC’s) are authorized to cultivate, process and dispense medical marijuana in the state of Florida.
- MMTC applicants must demonstrate at a minimum:
- The applicant has been registered to do business in Florida for 5 consecutive years prior to submission of the application.
- Possession of a valid nursery certificate of registration issued by the Department of Agriculture and Consumer Services.
- The technical and technological ability to cultivate and produce marijuana, including, but not limited to, low-THC cannabis.
- The ability to secure the premises, resources, and personnel necessary to operate as a medical marijuana treatment center.
- The ability to maintain accountability of all raw materials, finished products, and any byproducts to prevent diversion or unlawful access to or possession of these substances.
- An infrastructure reasonably located to dispense marijuana to registered qualified patients statewide or regionally as determined by the department.
- The financial ability to maintain operations for the duration of the two-year approval cycle, including the provision of certified financial statements to the department.
- That all owners, officers, board members, and managers have passed a level 2 background screening.
- The employment of a medical director to supervise the activities of the MMTC.
- A diversity plan that promotes and ensures the involvement of minority persons and minority business enterprises, as defined in s. 288.703, Fla. Stat., or veteran business enterprises, as defined in s. 295.187, Fla. Stat., in ownership, management, and employment.
- Within 10 days of licensure, successful applicants must post a $5 million Florida Medical Marijuana Bond, issued by an authorized surety insurance company rated in one of the three highest rating categories by a nationally recognized rating service or provide an irrevocable letter of credit payable to the Department or provide cash to the Department.
How do I get a Florida Medical Marijuana Bond?
Given the bond amount, full financial disclosure will be required to obtain the bond. Full personal and business financial statements with verification of liquid assets is the norm, however some very well capitalized companies may be able to obtain an approval for the bond without providing personal financial information and/or personal guarantees. You can apply for the bond by clicking here and will have the option to upload financial information within the application. Once the bond is approved, some important paperwork will need to be executed and the Florida Medical Marijuana Bond will be shipped tot he bond principal (licensee).
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