Understanding Surety Bond Requirements for Commercial Growers
Hi, this is Oklahoma Cannabis Business Attorney Jesse Kovacs, and today the question is, I own a commercial grow license. Do I need to file a surety bond with OMMA?
Now, the answer to this question is going to depend on how long you have resided on the premises. If you have owned the licensed premises for at least five years prior to submitting your application, then all you need to do is attest to that fact to OMMA.
Otherwise, if you have not lived on the licensed premises for at least five years, then you will need to file a surety bond of at least $50,000 for each license sought or obtained. This bond must be issued by a surety company that is qualified to do business in Oklahoma as a surety.
Responsibility and Renewal
It is also important to remember that it is the licensee’s responsibility to ensure that any bond is renewed prior to 30 days before the expiration date. Once renewed, the licensee must provide proof of that renewal to OMMA before the bond expires.
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If you have any further questions or need assistance with this matter, we are here to help. You can visit our website at oklahomamedicalmarijuana.attorney for more information and resources.