Arkansas Medical Marijuana Bonds

Medical marijuana is a highly regulated industry in the United States and bonds are a way for states to protect themselves against liability for any financial losses resulting from unethical or unlawful actions committed by businesses in the industry. In Arkansas, it is required for any medical marijuana cultivation facility or dispensary to hold a medical marijuana surety bond in order to obtain a license and operate. The bonds are designed to enforce compliance with state tax laws and ensure businesses are operating lawfully. To learn more about Arkansas medical marijuana bonds and receive a free quote, contact The ProSure Group today! Our team of highly trained and knowledgeable surety agents can help you understand the bonds needed for your business and get you customized coverage for the best price.

Types Of Medical Marijuana Bonds

There are two types of medical marijuana bonds, specified by the type of facility a business operates. There are separate bonds for dispensaries and cultivation facilities.

• Medical Marijuana Dispensary License Bonds are required for dispensaries to obtain licenses and conduct business legally within the State. For medical marijuana dispensaries, they must furnish a bond of $100,000.
• Medical Marijuana Cultivation License Bonds are required to receive and maintain a license to operate a medical marijuana cultivation center in Arkansas. Medical marijuana cultivation centers must provide a bond of $500,000.

Who Needs An Arkansas Marijuana Surety Bond?

Any medical marijuana cultivation or dispensary business in Arkansas must obtain the appropriate medical marijuana surety bond. The bond must remain in place at all times to prevent a license revocation.

How Long Is An Arkansas Medical Marijuana Surety Bond Valid?

The Arkansas medical marijuana bond is valid for one year and expires on June 30th every year. The surety agency can extend the bond for an additional year but will otherwise need to be renewed annually.

What Does An Arkansas Medical Marijuana Surety Bond Cost?

The cost of the Arkansas medical marijuana bond depends on the applicant's personal financial profile. The surety agent will evaluate the applicant's credit score, business finances, and involvement in the medical marijuana industry to date. A typical premium for this type of bind can be between 1% and 5% of the required bond amount.

How Do I Obtain An Arkansas Medical Marijuana Surety Bond?

Contact The ProSure Group! Our team of trusted surety bond experts has over 23 years of experience and has partnerships with more than 30 different surety companies. We can answer all of your questions on Arkansas medical marijuana surety bonds and work hard to get you the most competitive premium rate available. The process of applying for medical marijuana licenses can be difficult, contact our experienced team at The ProSure Group to help you navigate the bonding process. Fill out our bond request form online to get started!