After nearly 2 months on the books, the Bureau of Cannabis Control (BCC) has finalized regulations that would allow for the issuance of licenses under the Adult Use of Marijuana Act. Among the hold-ups was the requirement that licensees have a $5,000 bond. It was unclear what type of bond this should be, and how to apply for one.
Good news! Hayes Brokers is now able to secure these surety bonds for those wishing to be licensed with BCC in the State of California. These surety bonds must be a minimum of $5,000. The cost of this bond varies depending on credit, so those wishing to be licensed will need to complete an application and underwriting to get this bond. Hayes Brokers has the application and the forms you need to secure this surety bond.
In addition to surety bonds, prospective licensees may be required to provide a Letter of Intent from an insurance broker or insurer to prove that he or she can comply with the insurance requirements of the Act. Hayes Brokers has been and will continue to provide Letters of Intent for licensees as necessary.
Hayes Brokers can provide insurance services to every facet of the cannabis industry in all states where cannabis is legal. Whether it is medicinal or recreational or both, we have insurance markets available for everything from distributors to growers to dispensaries and more.
Whether you need cannabis surety bonds, a Letter of Intent or insurance coverage for your business, we can help. Call Hayes Brokers today at (800) 869-8643.