LOS ANGELES, Aug. 21, 2017 /PRNewswire/ -- Surety Bond
Authority, Inc., a surety bond company based in California, is now expanding its service reach
by providing marijuana surety bonds in every state that require
them as part of the licensing, adult use, and tax payments
guarantee of marijuana establishments.
The legalization of medical and recreational marijuana has seen
significant changes in the marijuana industry. With various
jurisdictions endeavoring to regulate the industry and setting what
type of bond conditions should be implemented, laws are enacted
that require marijuana establishments, such as cultivators,
dispensaries, processors, and retailers, to post surety bonds as
part of business licensure requirements.
"We are eager to extend our service reach and focus on helping
marijuana business applicants, such as dispensaries and retailers,
obtain the surety bond that they need," said Greg Rynerson, Founder, and CEO of Surety Bond
Authority, Inc. "A marijuana surety bond is a state requirement for
businesses that want to cultivate, process, and dispense marijuana
to regulate both the medical and recreational marijuana
markets."
To ensure a healthy, legal economy, marijuana surety bonds
guarantee payment of all sales and excise taxes due to the
government and indemnifies a state or city against all claims
arising from the issuance of a license or permit.
According to Rynerson, "These surety bonds are authorized by
various statutes and regulations in states and cities. This means
in each jurisdiction; the bonds will have varying bond amounts and
conditions."
There are different types of marijuana surety bonds conditioned
by various jurisdictions. While there is the need to secure medical
marijuana dispensary bonds or retail marijuana excise tax bonds,
there is also a marijuana performance bond for the construction of
a medical cannabis facility or for guaranteeing faithful
performance of duties – management, operations, or ownership.
The scope of bond coverage will be conditioned for each statute,
regulation or ordinance on which the specific type of bond is
based.
There are currently eight states that have both legalized
medical marijuana and recreational marijuana. They include
Alaska, California, Colorado, Maine, Massachusetts, Nevada, Oregon, and Washington.
Many other states, such as Arkansas, Florida, and Ohio, have only legalized medical marijuana.
These marijuana surety bond laws, ordinances, and statutes are
subject to amendment and change. It is likely that other states
will require and implement a marijuana surety bond in the
future.
About Surety Bond Authority
Surety Bond Authority, Inc. is one of the nation's leading
surety underwriters of contractor bonds, court bonds, commercial,
and license and permit bonds — offering many types of available
surety bonds that cater to each specific bonding need. The company
has over 20 years of experience writing surety bonds at both state
and federal levels and is authorized and licensed to issue bonds
throughout the United States. For
more information on Surety Bond Authority's surety bond programs,
including its surety office contacts, visit
www.suretybondauthority.com.
Contact
Greg A. Rynerson, CEO
5850 Canoga Ave. #400, Woodland Hills,
CA
800-333-7800
172777@email4pr.com
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SOURCE Surety Bond Authority, Inc.