Oklahoma Cannabis License Bond
Oklahoma Cannabis License Holder Bond Forms have been published on July 6, 2023. This measure is to show that the Oklahoma Cannabis License Holder has owned the licensed premise for at least 5 years OR
the Oklahoma Cannabis License Holder has to put up a $50,000 surety bond FOR EACH GROW LICENSE.
surety bond
Sometimes, when a party owes others legal duties, the party posts a surety bond to guarantee their performance. The surety bond is like a security deposit, with the party promising to do something as the renter and person they owe obligations to, or obligee, is like the landlord. Thus, if the party that made the promise fails to perform their duty, the obligee is compensated out of the bond. – Cornell Law School
April 20, 2023 Oklahoma passed Senate Bill 913 (2023) which took effect on July 6, 2023, and requires commercial medical marijuana grower license applicants and licensees to submit proof of one of the following to OMMA:
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A surety bond for at least $50,000 per license; or
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Proof that the licensee has owned the licensed premises for at least five years.
Now that the Forms have been released the process will start.
Who does this affect?
This requirement is in effect for existing licensed growers and grower license applicants as of April 20, 2023. New or renewal grower license applications initially submitted after April 20, 2023, must submit this documentation as part of their application. OMMA will verify the bond or proof of land ownership during the review process of a new or renewal license application.
This process is much like a bank loan, and the same type of documentation is required. Photo ID, Social Security Number, OMMA license, and a utility bill with business name or license holder information.