I am Tulsa medical marijuana business attorney Ope Adegbuyi. Senate Bill 913, which is the surety bond, requires all medical marijuana growers to hold a bond. The OMMA is the obligee on the bond and that means that the bond can be recalled to fund any necessary remediation if that grow operation is abandoned or has its license revoked.
So let’s say something goes wrong with your grow operation, and you owe the OMMA some money. If you abandon the property and the landlord is trying to recoup their money, they can actually go to the insurer of the bond and ask them to recoup their money on their behalf. Then, the insurer would come to you to pay the money that they’ve paid to those people. That’s how the bond works.
So technically, it’s kind of like insurance, like car insurance or any other type of insurance that you can think of where you’re insuring your property. However, in this situation, it’s the OMMA that is guaranteeing your license, not you. They get the benefit of the insurance, and you would have to pay for whatever the insurer is out of pocket for.
How Can I Get More Information or Assistance?
If you would like more information or need help understanding the surety bond requirements for medical marijuana businesses in Oklahoma, feel free to contact me. As an experienced Oklahoma marijuana business regulation lawyer, I can provide guidance and assistance tailored to your situation.
Contact me at oklahomamedicalmarijuana.attorney for a free consultation. Don’t hesitate to reach out to me with any questions or concerns you may have. I’m here to help you navigate the complexities of the surety bond and ensure your business is compliant with the law.