The legalization of medical marijuana in the United States is an ever-increasing trend that has opened up completely new markets for professionals in the cannabis industry. The ProSure Group offers medical marijuana bonds for marijuana growers, processors, transporters, and dispensaries in Utah at competitive prices, with premiums as low as 1 percent. Our online applications are secure and easy to use. We also have flexible financing and a bad credit program so everyone can apply. We are well-versed in all things surety bonds and represent some of the most respected insurers in Utah. Don’t wait — get your free marijuana surety bond quote today by contacting our Utah surety bond experts or by filling out an application.
The minimum amount for a Utah marijuana bond differs based on your profession; it’s $50,000 for processors, $50,000 for testing labs, $125,000 for pharmacies, and $250,000 for cultivators or producers. However, this is not your cost — that’s where our surety agency in Tampa, FL, comes in. With The ProSure Group, you’re only responsible for paying a small amount of that cost, called a bond premium. We base the premium on how well the applicant meets our company’s underwriting criteria. In setting your premium, we may consider your credit score, financial history, and business records. For well-qualified applicants, a cannabis bond can be as low as $1,000. Applicants can also lower their premium by providing us with additional financial documents when applying or when renewing their bond. Another advantage of working with us is that we base our premiums on the lowest market rates — our applicants are always getting the best price available!
Getting bonded in Utah isn’t complicated but applicants should know there are two steps in the process: 1) reviewing the state’s marijuana surety bond regulations, and 2) contacting a qualified surety agency nearby. Applicants unsure of the requirements or confused by the terminology can rest easy knowing our surety experts can help explain each requirement during the application process. Because of the rules established by the Utah Medical Cannabis Act, the Department of Health requires a Utah cannabis cultivation performance bond from all licensees. At The ProSure Group, we have already awarded eight licenses for cultivation and will award 14 licenses for pharmacies on Dec. 27.
The rules governing medical marijuana establishments in Utah, including dispensaries, pharmacies, growers, and processors, are outlined in R68-27. Agriculture and Food, Plant Industry: Cannabis Cultivation. The Utah marijuana bond must guarantee that each licensee abides by the duties and rules described in the code, including:
Any medical marijuana surety bond in Utah must be handled by a qualified surety agency. The ProSure Group meets all requirements to issue cannabis bonds, and applying for a surety bond with us is easy. Simply request a free quote, fill out an online application, or contact us directly, so we can get you set up with the proper paperwork and documentation right away.
The rise in more relaxed marijuana laws has created a larger demand for medical cannabis products. As a result, marijuana growers, dispensary owners, processors, and transporters seek new opportunities to break into this profitable market. The ProSure Group is one of the few surety agencies that has executed marijuana bonds from the very beginning. Our surety experts understand Utah’s cannabis laws inside and out, including the surety bond requirements for licensing. When it comes to cannabis bonds, we’re the company to partner with and trust with your business. If you’re ready to apply for a Utah surety bond today, contact us to receive a free bond quote and step-by-step application instructions.
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