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Who Is Required To Purchase a Maine Marijuana Surety Bond?
The following license types are required to purchase a marijuana surety bond in the below coverage amounts until they are able to provide proof of the following cash reserves:
- Retail marijuana store - $500,000
- Retail marijuana cultivation facility with 3,000 square feet or less of plant canopy - $600,000
- Retail marijuana cultivation facility with 3,000 square feet or more of plant canopy - $1,100,000
- Retail marijuana products manufacturing - $600,000
- Retail marijuana testing facility - $800,000 see special note
- Retail marijuana social club - $500,000
Special Note for Retail Marijuana Testing Facility: If you're an applicant and accredited pursuant to ISO/IEC 17025 of the International Organization for Standardization by a 3rd party accrediting body or you're certified, registered or accredited by an organization approved by the Department, you can forego the bonding requirement.
Once you can prove an equal amount of cash reserves, you no longer need to renew the marijuana surety bond.
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Let us price shop for you and find the lowest possible price. This costs you nothing and there's no obligation to buy once you get pricing.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Why is a Maine Marijuana Bond Required?
Getting licensed as a marijuana establishment in Maine is a difficult process and the Department is very thorough about the following requirements:
- Set up with the appropriate business structure
- Investigation into ownership history
- Adequate financial status
- Complete business planning
- Among other regulations
The surety bond requirement is one tool used to ensure and hold you accountable for:
- Paying any required sales tax for product sold
- Staying in compliance with the current and changing laws
How Much Does a Maine Marijuana Surety Bond Cost?
The Maine marijuana surety bond requires a quoted rate from a surety. A surety is the insurance company that underwrites surety bonds.
Every surety performs their own independent assessment for risk of loss associated with an applicant using primarily these factors:
- Personal credit of the owner or owners
- Business industry and experience
- Prior bond claims (if any) if owners have been licensed in the past or in other states
BOX: The rate a surety quotes multiplied by the bond amount is the price you pay for the bond term.
Because each surety makes its own assessment, the rates can be drastically different. This discrepancy can potentially save you hundreds of dollars, especially with the bond amounts being so large.
This is money you can put towards other licensing costs such as:
- Application fees
- Testing fees
- Liability insurance costs
- Establishment setup costs
Example Marijuana Bond Pricing
When you request your free quote, we will work with our network of A-rated sureties and find you the lowest possible price.
Let's use the bond amount of $600,000 for a retail marijuana store. The rates in the table below range from really good to about average.
| Bond Amount | Premium Rate | Total Cost |
|---|---|---|
| $600,000 | 0.5% | $30,000 |
| $600,000 | 1.0% | $60,000 |
| $600,000 | 1.5% | $90,000 |
| $600,000 | 2% | $120,000 |
The only way to know your price is to request a free quote and get your pricing. Have a bond specialist find the lowest price costs you nothing.
Plus there's no obligation to purchase once you get your pricing.
You have nothing to lose by seeing how low of a price you can get. Then you will be able to make the right decision for your business and goals.
How Long Does The Main Marijuana Surety Bond Last?
The Maine marijuana bond has a bond term of 12 months from the effective date.
The effective date is the date you choose for your bond to become active in coverage.
If you can provide proof to the Department of adequate financial resources in the same amount of the bond you need, you can let your bond expire.
If you need to renew your bond for another term, your bond specialist makes the process easy.
Your bond specialist will contact you 30 to 45 days in advance to make sure the renewal premium is paid on time so your bond remains active.
Once you pay the renewal premium, you don't have to do anything else. Your bond is active and you can continue business.
Request a FREE Price Quote Today
Let us price shop for you and find the lowest possible price. This costs you nothing and there's no obligation to buy once you get pricing.
Need Help? Call Us Today
Talk to a bond specialist today. They will help you find the surety bond you need and get you the lowest possible price. 1-800-608-9950
Marijuana Bonds And Getting Your Maine Business License/Registration
There are many license types but the overall process consists of three steps:
- Conditional licensure
- Getting local authorization
- Completing active licensure
Learn the details of the process here on Maine's Office of Cannabis policy website.
To learn more about the safety, quality, and transparency laws, click here.
If you're ready to get your bond, request your free quote. Again, you have nothing to lose to have official pricing delivered to your inbox. All price quotes are good for 30 days.
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