North Dakota Marijuana Compassion Center Bond
What is a North Dakota Marijuana Compassion Center Bond?
A Marijuana-Cannabis Surety Bond will serve as a protection of the public health and safety and the environment in case of abandonment, default, or other inability or unwillingness of the compassion center to meet the requirements of the North Dakota Medical Marijuana Law.
This type of surety bond will serve as a security for the North Dakota Department of Health. This marijuana compassion center registration requirement is in pursuance of Section 19-24.1-15 of the North Dakota Medical Marijuana Law.
Who is required to get a North Dakota Marijuana Compassion Center Bond?
Marijuana compassion centers who are seeking registration. A compassion center means a manufacturing facility or a dispensary.
A compassion center that acts as a manufacturing facility is limited to producing and processing, acquiring, possessing, storing, transferring, and transporting marijuana and usable marijuana for the sole purpose of selling usable marijuana to a dispensary.
A dispensary, on the other hand, is limited to purchasing usable marijuana from a manufacturing facility. It can also store, deliver, transfer, and transport usable marijuana for the sole purpose of dispensing usable marijuana directly to a registered qualifying patient or through the registered qualifying patient’s registered designated caregiver.
How does a North Dakota Marijuana Compassion Center Bond work?
As the Principal of this surety bond, the marijuana compassion center will be responsible for performing the required duties of the Obligee (North Dakota Department of Health). The Surety will ensure of the said compliance and will pay the Obligee if the Principal fails to fulfill the obligations.
Under the indemnity agreement, the Principal must reimburse the Surety of all the payments made by the latter to the Obligee.
How much does a North Dakota Marijuana Compassion Center Bond cost?
The bond amount will be determined by the North Dakota Department of Health.
The bond premium will be a percentage of the bond amount. The bond premium is the amount that the Principal will pay the Surety for the issuance of this bond.
For Principals who have excellent credit scores, the bond premium can be as low as 1% of the bond amount.
If you know your bond amount, you may get your FREE marijuana compassion center bond quote HERE.
How to get a North Dakota Marijuana Compassion Center Bond
You can get your surety bond within 24 hours as long as all the necessary requirements have been submitted to us.
- Apply for this surety bond HERE.
- We will inform you of the requirements that you need to submit. You may upload it through our secured portal. Some of the requirements that we need are as follows:
- Financial statements
- Credit score
- Job/business performance history
- Sign the indemnity agreement
- Pay for your bond premium