Recent legislation and the delisting of hemp from the federal drug control schedules has prompted the legalization of hemp cultivation in Georgia, although the activity will be tightly restricted at inception. A Georgia hemp processor surety bond will be required. Per and directly from the Georgia Department of Agriculture, “Hemp is defined as the Cannabis sativa L. plant and any part of the plant, including the seeds and all derivatives, extracts, cannabinoids, isomers, acids, salts, and salts of 56 isomers, whether growing or not, with the federally defined THC concentration no more than 0.3 percent. The production and sale of hemp and hemp products is legal under the Georgia Hemp Farming Act however only growers licensed by the Georgia Department of Agriculture (GDA) are permitted to grow and process hemp. The GDA’s process of drafting rules and regulations has begun. Drafted rules will be open for a public comment period and then final revision before the GDA can begin issuing grower licenses and processing permits.”
Pursuant to section (b) of the licensing statute, “(b) Any person applying for a hemp processor permit pursuant to this Code section shall provide to the department a surety bond in the amount of $100,000.00 issued by a surety company authorized by law to do business in Georgia . If any party is aggrieved or adversely affected by the permittee’s failure to comply with the requirements of the law, the Commissioner may commence and maintain an action against the principal and surety on the Georgia hemp processor surety bond. Hemp processor permits shall be issued for one calendar year at an annual permit fee of $25,000.00, provided that after the first calendar year, a permittee shall be entitled to automatic permit renewals annually for a permit fee of $10,000.00 per year, so long as no administrative action has been taken by the department regarding such permittee.”
Georgia surety bond leader, Surety One, Inc., is a national underwriter of marijuana business surety bonds. We firmly believe in supporting the availability of cannabis products to patients that benefit from them. We will consider applications for dispensaries and grow operations in all states where current legislation favors legal marijuana businesses. For further information about the Georgia hemp processor bond contact us at (800) 373-2804 or email Underwriting@SuretyOne.com.
