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Nevada Marijuana Surety Bonds

Nevada Marijuana Surety Bonds - Nevada Dispensary Surety Bonds

The Nevada marijuana legalization laws became effective in mid 2017, which means the state is still in the process of establishing regulations that will be used to manage businesses who cultivate or sell marijuana in the state. However, Nevada legislature took a clear step towards defining the rules at the beginning of 2018 when they officially approved the 258-page Pot Regulation Document! Both medical marijuana and recreational marijuana growers and sellers will need to follow these regulations to legally sell marijuana in Nevada. Since the Nevada marijuana legalization law passed, it’s essential that businesses stay up-to-date on the latest regulations to ensure their business is operating legally.

What is a Nevada medical marijuana dispensary bond?

There are two types of surety bonds that cover Nevada dispensaries, these are license bonds, and indemnification bonds. A surety bond provides a form of financial guarantee that protects the obligee, who’s named in the bond, from financial loss caused by the marijuana business. One important thing to remember if you’re a marijuana business is that a surety bond is not like insurance. A surety bond does not protect you financially, if a claim is made against the bond you will be required to repay the surety for the full amount of the claim. There are three parties listed in a Nevada surety bond:

  • The Obligee: the entity requiring the bond, which in this case will be a city or county government
  • The Principal: The business that’s required to secure the bond
  • The surety: The financial backer of the bond

Who needs a marijuana surety bond?

Currently the state of Nevada does not require marijuana businesses to obtain a surety bond, even though the Nevada marijuana legalization law is now approved. However, they do allow local governments within the state to create Nevada dispensary laws. These local laws often require marijuana businesses to have surety bonds in place to operate in the city or county. One example of this is Las Vegas, which requires Nevada medical marijuana dispensaries based in the city to maintain a $250,000 indemnification bond, and a $50,000 Nevada Dispensary license bond. Nevada medical marijuana dispensaries in North Las Vegas will also be required to maintain the same bonds.

How do businesses apply for a Nevada dispensary bond?

Applying for a marijuana surety bond in Nevada is a quick and easy process when you work with a business that is up to date on Nevada marijuana legalization laws and regulations. The application begins with the business owner filling in a simple application, and providing additional documentation that includes their financials, and business experience. The bonding company will then secure quotes for the right bond and inform the applicant of the best bond terms. Once approved and the premium is paid, the bond will be issued.

Surety Bonds for Nevada Medical Marijuana Dispensaries

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