Medical cannabis distribution is now legal in the State of Illinois. The Medical Cannabis Pilot Program Act (410 ILCS 130) and the Administrative Rules 68 IAC 1290 promulgated by the Medical Cannabis Division, require that all personas and bsuinesses engaged in the dispensing of medical cannabis to be registered with the Illinois Department of Financial and Professional Regulation. Among the registration requirements is the obligation to file a cannabis dispensing organization registration surety bond.
The Illinois cannabis dispensary bond is required pursuant to the Compassionate Use of Medical Cannabis Pilot Program Act, and contains specific obligations unique to marijuana business operations. Per the Division, the surety bond guarantees that the registrant will complete dispensary construction fully and in a timely manner, operate in a manner that provides an uninterrupted supply of cannabis, will pay the appropriate renewal fees, keep accurate books and records, files the state reports required by law and/or rule, comply with state tax requirements, and mangae the dispensary in compliance with the Act and the Division's Illinois Administrative Rules (68 IAC 1290). The Illinois marijuana dispensary bond must be issued in the penal sum of fifty thousand dollars ($50,000). The surety may cancel the obligation however the form as manuscripted is a "forfeiture" bond.
There are very specific financial, business location and security requirements that a potential registrant must meet. Each applicant should carefully study the regulations and administrative rules governing dispensary operations as there are significant challenges associated with preliminary registration and compliance with post-opening operations. The State of Illinois provides a web portal which provides the forms, requirements and industry-specific links which are helpful to a new registrant. Questions may be directed to:
100 West Randolph, 9th Floor
Chicago, IL 60601
320 West Washington, 3rd Floor
Springfield, IL 62786
Illinois surety bond leader, SuretyOne.com is the most responsive underwriter of cannabis business surety bonds and the insurance coverages needed by the marijuana sector. We firmly believe in supporting the availability of cannabinoid 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 contact us at (800) 373-2804, email Underwriting@SuretyOne.com of chat with us live here.
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