Medical Marijuana and Surety Bonds in Arkansas

Arkansas, Colorado, California, Massachusetts. What is one thing that ties all these states together? If you guessed the legalization of medical marijuana, you are right. Last November, Arkansas voted to approve Issue 6, legalizing medical marijuana.  In Arkansas, the government group overseeing the licensure is the Arkansas Medical Marijuana Commission (AMMC).  They also regulate dispensaries and cultivation facilities. One of the issues up for debate, is if surety bonds will be part of the licensing procedure.  Although the AMMC has not mandated surety bonds, they have approved various bond requirements. On January 3, they voted that cultivation facilities must show proof of assets during the application process.   If they are unable to prove that they have assets of $1 million, they must then apply for a $1 million surety bond.

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Seven days later, the AMMC met again.  They voted that cultivation facilities must provide a $500,000 performance bond.  This would then clear them for licensure.  Further, they voted that a surety bond must be held until the first sales tax report is filed.  Finally, applicants must prove that they have assets or provide a surety bond of $200,000.  Cultivating dispensaries must obtain a $100,000 performance bond after they are successfully licensed.  There are additional requirements for obtaining a license. For further information contact the AMMC.

For your surety bond needs, let us help you with muddling through the fine print. We here, at GotSuretyBonds.com are an independent bond-only agency, committed to the principles of service, integrity and professionalism. We view our clients, employees and underwriters as our “business family”. We strive to offer each and every one of them unsurpassed attention and support to ensure a mutually beneficial relationship.  We have a keen understanding that success for everyone is only possible through helping all of our constituents achieve their goals and objectives, we believe that a truly satisfied customer, employee or vendor is the best business strategy of all.  Our surety bonding services help create a blueprint for success. Our principals have relationships nationwide and have earned the trust of underwriters. Because of our credibility within the underwriting community and longevity in the industry, we are able to act as powerful advocates for our clients. We have a unique, tactical process to professionally design and present a thorough financial picture with risk and financial analyses to the surety market.

 

 



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