Medical Marijuana Dispensary Bonds
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 Illinois.
Bond Amounts and Costs in Illinois
In Illinois, a dispensary must obtain a bond for both the “dispensing organization” and the “cultivation facility.” The bond amount for the dispensing organization is $50,000. The bond amount for the cultivation facility is $2,000,000. The cost of the bond (the amount you actually pay to get the bond) is a percentage of this.
The costs for these bonds are referred to as premiums. 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.