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Ohio Marijuana Surety Bonds

Ohio Marijuana Surety Bonds - Ohio Marijuana Laws & Legalization

If you’re thinking about starting a business in Ohio’s growing marijuana industry it’s essential that you understand all of the Ohio marijuana laws! Since the Ohio marijuana vote approved the legal sale of marijuana in the state, growing, processing, dispensing, and testing of the drug has been strictly regulated. Understanding how these rules affect your existing business or future business plans will help keep your business compliant with laws regarding Ohio marijuana legalization. Failure to comply with the legislation could result in severe penalties for business owners. Read on to learn why securing a surety bond for your Ohio marijuana business is a vital step in keeping your business legal!

What is a surety bond?

If you’re new to the industry you might not have heard about surety bonds before. A surety bond is a contract between three parties that provides a source of financial compensation to one of the parties named in the bond. The three parties named on a surety bond are:

  • The surety: which is the underwriter of the bond
  • The principal: the business owner purchasing the bond
  • The obligee: the entity requiring the bond be purchased (The Ohio Department of Commerce)

Ohio marijuana bonds are used as a method of ensuring that businesses requesting marijuana licenses in the state are financially stable. They act as a form of financial backup that can be claimed against should the state need to recoup any financial losses caused by the business.

Who needs an Ohio marijuana surety bond?

Since the Ohio marijuana legalization bill passed, anyone wishing to open a business working with medical marijuana in Ohio needs to obtain the right surety bond. There are currently five levels of medical marijuana bond in the state:

  • Dispensary Surety Bond-$50,000
  • Processor Surety Bond-$250,000
  • Level I Cultivator Surety Bond-$750,000
  • Level II Cultivator Surety Bond-$75,000
  • Testing Laboratory Surety Bond-$75,000

These bonds are a requirement of the business licensing process for all medical marijuana business in Ohio. Without the correct bond you will not be granted a license to operate in the state.

Securing A Ohio Marijuana Surety Bond

It can be difficult to find the right surety bond when you operate within the medical marijuana industry. To make the process as quick and easy as possible you should work with a bond company with experience securing bonds for marijuana growers, sellers, processors, and testers. Viking Bond Service can help you secure the right surety bond in just a few simple steps! To begin your application, simply fill in our online application and supply the supporting documentation, which includes a copy of your financial history and business information. We’ll then secure the best quote for the required bond. The surety bond will be issued when the bond premium is paid in full.

Surety Bonds for Ohio Medical Marijuana Dispensaries

Viking Bond Service is one of the leading surety bond companies in the US. We have many years of experience helping businesses get the bond they need to stay compliant with all state regulations. Use our online application to get started, or call us on (888) 278-7389 if you have any questions about your bond needs!

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