Illinois Dispensing Organization Registration Surety Bond
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Illinois Dispensing Organization Registration Surety Bond
What is an Illinois Medical Marijuana Bond?
An Illinois Medical Marijuana Bond is a $50,000 surety bond that can be posted by a dispensing organization in place of an escrow or surety account. The bond serves as evidence that the dispensing organization meets the level of financial responsibility required by the state to receive a registration bond to dispense cannabis.
For well-qualified applicants, who have high credit and solid financials, the surety can write the marijuana bond for as low as 1% of the total amount, or $500.
The dispensing organization shall act as the principal named on the surety bond. The terms of the bond must to be approved by the Department of Financial and Professional Regulation-Division of Professional Regulation. If a dispensing organization fails to meet all the criteria for registration, the bond defaults to the Division.
A registered dispensing organization that holds a Medical Marijuana Bond in Illinois is expected to fulfill a number of responsibilities, including:
Successfully complete the dispensary construction in a timely manner;
Manage facility operations to provide an uninterrupted supply of cannabis;
Pay the registration renewal fees faithfully and on-time;
Maintain accurate books and records;
Produce regulatory reports as needed;
Comply with all Illinois tax requirements; and
Obey all other applicable laws for dispensary organizations.
If you need an Illinois marijuana surety bond that isn’t listed above, you can receive assistance by calling our toll-free number, 1-800-480-3883. State laws are always changing, and we may not have had a chance to update our website information yet. Furthermore, many bonds are required at the state level, some are needed at the city or county level. Even if the bond you need isn’t found here, we can still write it for you!
