Pursuant to the Louisiana Board of Pharmacy, Act 261 passed by the 2015 Legislature and Act 96 of the 2016 Legislature, the Board has drawn final rules for issue of a nontransferable specialty license for a pharmacy to dispense marijuana for therapeutic purposes. The statute placed a limit on the number of marijuana pharmacy permits that can be issued. No more than ten such permits may be active at the same time.
A Louisiana marijuana pharmacy bond is one of two financial requirements in order to seek a cannabis dispensary privilege. The application checklist is extensive. An applicant should review and understand the Board's rules, more specifically the duties and responsibilities of the licensee required to stay within compliance.
Pursuant to (10.) The applicant shall supplement the application form with sufficient documentation of the applicant's financial capacity to properly operate a marijuana pharmacy, including but not limited to, evidence of his escrow account, letter of credit, or surety bond of at least $100,000 in a financial institution headquartered in Louisiana. The pharmacy's $100,000 marijuana pharmacy permit bond must name the Board as the obligee (beneficiary) and be available for the Board's immediate claim in the event that the Board determines after a due process hearing that the pharmacy has failed to timely and successfully complete the construction of the pharmacy or to operate such pharmacy in compliance with the the Rule. At the Board's discretion, the Lousiana marijuana pharmacy bond may be reduced by $25,000 upon the successful achievement of certain milestones.
Louisiana surety bond leader, SuretyOne.com is the most agile underwriter of the surety bonds needed by the medical marijuana sector. We firmly believe in supporting the availability of cannabis products to those that therapeutically benefit from them. We will consider applications for dispensaries, processors, researchers, delivery services, testing labs and grow operations in all states where current legislation favors legal marijuana businesses. For further information about the Louisiana marijuana pharmacy permit bond contact us at (800) 373-2804, email Underwriting@SuretyOne.com or chat with us live here.
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