Bond Penalty: To be set by state, initially $1.5mn (Class 1) and $625,000 (Class 2)
In March of 2019, the Georgia state legislature approved a bill that would allow medical marijuana to be grown, manufactured and distributed in the state. A Georgia medical marijuana bond for licensing as a producer and dispensary were considered and will set by the appropriate regulatory agency upon final rulemaking. The new law defines three license classes:
Georgia Medical Marijuana Class 1 Producer - This class may grow cannabis in indoor facilities for the production of low THC oil, limited to 100,000 square feet of cultivation space. The business may also operate as a manufacturer of low THC oil. Only two (2) Class 1 production licenses will be issued initially. The application fee is $25,000, license fee of $200,000 and a renewal fee of $100,000. The Georgia medical marijuana surety bond will be $1,500,000.
Georgia Medical Marijuana Class 2 Producer - This class may grow cannabis in indoor facilities for use in producing low THC oil, limited to 50,000 square feet of cultivation space. The business may also operate as a manufacturer of low THC oil. Only four (4) Class 2 production licenses will be issued initially. The application fee is $5,000, al license fee $100,000 and renewal fee $50,000. The Georgia medical cannabis surety bond will be $625,000.
Georgia Medical Marijuana Dispensary - The State Board of Pharmacy is tasked with deploying a specialty dispensing license for a pharmacy to distribute low THC oil to registered patients. The regulator will also be authorized to create a dispensing license for retail outlets to dispense low THC oil. The number of initial licenses, application , license and renewal fees will be determined. No Georgia cannabis surety bond amount has been specified as of April, 2019.
Licensing was approved pursuant to the passage of House Bill 324, approved by the legislature on April 2, 2019. The purpose is to create a legal mechanism to provide patients who are already appropriately registered with the state to possess low THC high CBD marijuana oil. The law establishes a state-regulated system of marijuana producers and a cannabis commission to regulate the program.
SuretyOne.com is the most agile underwriter of the surety bonds and insurance coverages needed by the commercial cannabis sector. We firmly believe in supporting the availability of cannabis ant its derivatives to all patients that benefit from them. We will consider applications for dispensaries and cultivation operations in all states where current legislation favors legal marijuana businesses. For further information contact us at (800) 373-2804, email Underwriting@SuretyOne.com click here for a live chat with an underwriter.
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