The Alabama Medical Cannabis Commission has released its rules and regulations for integrated cannabis facilities, as authorized by state statute (§20-2A-67). A medical cannabis performance bond is one of a myriad for requirements that a license candidate must provide before tentative license approval. Per Chapter 9, " . . . for the initial offering period, the Application Process shall begin on September 1, 2022.", which is now under way.
Pursuant to Ala. Code §20-2A-67, (d), "An applicant for an integrated facility license shall provide, . . . (1) A letter of commitment or other acknowledgement, as determined by commission rule, of the applicant's ability to secure a performance bond issued by a surety insurance company approved by the commission in the amount of two million dollars ($2,000,000)." Those surety companies approved by the Commission are domestic or alien insurers that hold a current certificate of authority issued by the Department of Insurance an carry no less than an "A rating" fixed by an accepted rating agency (AM Best). A "letter of commitment or other acknowledgment" is simple a binding letter of bondability issued by such accepted surety(ies). Documents are submitted to the Commission as follows:
Alabama Medical Cannabis Commission
P. O. Box 309585
Montgomery, Alabama 36130
Alabama surety bond leader, Surety One, Inc., is a national underwriter of cannabis business surety bonds. We firmly believe in supporting the availability of marijuana products to patients that benefit from them and responsible adult users. We will consider applications for operations in all states where current legislation favors legal cannabis businesses. For further information about the Alabama medical marijuana performance bond contact us at (800) 373-2804, email Underwriting@SuretyOne.com or click here for a live chat with an underwriter.
NATIONWIDE COVERAGE: ARE YOU A CANNABIS OPERATOR IN MULTIPLE STATES? WE OFFER MARIJUANA BUSINESS BONDS IN ALL STATES WHERE THEY ARE REQUIRED.
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