Besides providing the city of Lansing with proof of a minimum net worth of at $100,000, consenting to a personal background check , and other requirements, applicants for a Lansing medical marijuana license must furnish the city with evidence of a $50,000.00 surety bond.
AmeriPro Surety Bonds provides this surety bond for you, along with, if requested for a small fee, an intent to purchase the surety bond (the fee for the intent is then deducted from the surety bond amount when finally purchased for the first year).
The Lansing medical marijuana bond is a financial guarantee that your place of business will be in compliance with all rules and statutes involved in the operation of a marijuana facility within the city limits.
Specifically, the bond guarantees your compliance with Ordinance 1217 which specifically deals with the licensing and regulating of medical marihuana entities.
While the surety bond is required of you, its obligee is the city of Lansing. Unlike an insurance policy, this bond protects the city of Lansing; it does not protect your business establishment.
And, unlike insurance, should a claim be paid from your bond, you are legally and financially responsible to reimburse the surety for all costs and fees involved in your claim.
Typically, the premium for the $50,000 Lansing medical marijuana will be between 1-3% of the $50,000 amount; however, to determine how much will pay a surety bond application and a credit check are standard.
Once the bond has been issued, it is active for one year from the date of issuance and thereafter must be renewed. A current and active bond must be on file in order to lawfully operate your cannabis dispensary.
AmeriPro Surety Bonds is a surety bonds-only agency which provides license and permit, contractor, court, and fiduciary surety bonds throughout Michigan.
Our agency also provides surety bonds nationwide.
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