The Massachusetts Cannabis Control Commission is the governmental entity which administers the surety bond requirement for licensed cannabis operations.
AmeriPro Surety Bonds provides this bond as both a first time surety bond, and for those existing cannabis companies or marijuana dispensaries, a renewal surety bond.
The amount required of your Massachusetts marijuana business is according to statute; however, no specific amount is provided.
Instead, the rule of thumb is according that the amount of the surety bond require is in a sum equal to the licensing fee that you will pay to the Marijuana Regulation Fund. (Section 500.105 (16)).
Typically, the cost of your Massachusetts marijuana establishment bond will be around 1%-3% of the surety bond amount, subject to a $100 minimum.
While a surety bond application will always be required for your bond, a credit check may or may not be required. If a credit check is required, our agency will utilize a “soft inquiry” which will have no impact on your underlying credit score.
If a credit check is required, surety bond prices may vary somewhat.
Once issued, the cannabis surety bond is active for one year from the date of issuance; thereafter the bond is renewed.
Options may exist in some cases to prepay your surety bond for 2 or 3 years, which offers you a savings over year to year renewals.
The purpose of the Massachusetts marijuana establishment bond is to serve as a financial guarantee that you will be in compliance with all regulations and laws governing cannabis businesses in the Commonwealth.
The bond is, therefore, for the benefit of the Commonwealth, although it is required of your company for licensing.
As principal or owner of this surety bond, you are its guarantor.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit surety bonds throughout Massachusetts and New England.
Our agency also provides surety bonds nationwide.
Please call us today:
Or, you may fill out the form below and an agent will contact you...