Maine Retail Marijuana Establishment Surety Bond

In 2016, Maine followed other states in legalizing marijuana for adult recreational. The Maine Revised Statutes and administrative rules promulgated by the state regulate the cannabis business. Sec. 10.7 MRSA §2447, sub-§7, specifically addresses the Maine retail marijuana bond requirements of participants in the sector. Each applicant for a license must demonstrate "financial responsibility". The Maine cannabis surety bond must be filed and approved by the Commissioner of Administrative and Financial Services by surety company licensed in Maine. The surety must possess a capacity and rating acceptable to the Director in the amount applicable to the type of license being applied for, as follows:

• Retail marijuana store, $500,000.
• Retail marijuana cultivation facility with 3,000 square feet or less of plant canopy, $600,000.
• Retail marijuana cultivation facility with more than 3,000 square feet of plant canopy, $1,100,000.
• Retail marijuana products manufacturing facility, $600,000.
• Retail marijuana testing facility, $800,000 unless the applicant is accredited pursuant to standard ISO/IEC 17025 of the International Organization for Standardization by a 3rd-party accrediting body or is certified, registered or accredited by an organization approved by the department.
• Retail marijuana social club, $500,000.

*ADVISORY: There are current rules pending that will remove the financial assurance requirements for the licensing of marijuana establishments. Visit the Office of Financial Services for up to date information.

Pursuant to §401, a municipality may regulate marijuana establishments within the municipality with regards to land use, limitations and may require local licensing requirements to be me. A marijuana business surety bond may be required.

Maine 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 Utah medical cannabis 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.

Surety bond application review and quoting are free of charge. There is no obligation to purchase.

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