For those looking to get into the cannabis industry in Ohio with a business of their own, you’ll have to acquire an Ohio marijuana surety bond. The selling, growing, and processing of marijuana in Ohio is strictly regulated, and surety bonds are used as a way to ensure that businesses operate in adherence to local rules and regulations. This post will explore some of the basics of these surety bonds so that you can make sure your business is operating legally.
Marijuana surety bonds are used by the state of Ohio to make sure that businesses requiring marijuana licenses have the financial means to adhere to all state and local laws. The surety bonds provide a path for the state to recoup any financial losses incurred by the marijuana-related business.
To understand how a marijuana surety bond functions, it’s helpful to take note of the three parties involved.
If you’re looking to open a cannabis-related business in Ohio, chances are you’ll have to be bonded. Those looking to dispense, cultivate, process, or test marijuana products will each have their own surety bond requirements that will need to be met. These surety bonds are an important part of the business licensing process.
In Ohio, every medical marijuana product has to be registered with the state Department of Commerce as well as the Board of Pharmacy. These government agencies also oversee that businesses in the marijuana industry are properly bonded.
As of this writing, Ohio is planning to license 24 cultivators, 60 dispensaries, and 40 marijuana processors statewide. Each of these business types has its own bond requirements and regulations to follow.
Bond requirements may change as the legislature adjusts regulations. Currently, there are five levels of marijuana surety bond requirements:
Be sure to check with your local governing body to determine what the current bond requirements are for your locality.
Bond premiums are calculated as a percentage of the bond amount. That means you don’t have to put up the entire amount of the bond to secure one. Your premium is determined by factors such as credit standing and bonding history. Viking Bond Service, Inc. also offers options for those with less-than-perfect credit through our bad credit surety bond program.
Viking Bond Service, Inc. is committed to providing businesses with the surety bond coverage they need at the lowest prices, so you can have the confidence to set up a marijuana business in Ohio.
Though operating legally within this flowering industry can be complicated and involve ample red tape, Viking Bond Service, Inc. aims to make the bond process simple for you. Our Surety Bond Experts are happy to walk you through the process, from initial application to issuance. Getting started is as easy as filling out an online application or giving us a call.
Viking Bond Service, Inc. has over thirty years of experience providing superior surety bond solutions for businesses across the country. Not all surety bonds are created equal, which is why working with us is in the best interest for aspiring marijuana businesses in Ohio. Whether you’re looking to cultivate, dispense, process, or test marijuana products, Viking Bond Service, Inc. can provide you with the surety bonds you need.
To get started, simply fill out an online application or give us a call at (888) 278-7389. We look forward to hearing from you!
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