The $50,000 Medical Marijuana Dispensary License Surety Bond is a requirement for retail dispensaries who have been approved for a provisional license and are applying for a certificate of operation with the Ohio State Board of Pharmacy. Jet Insurance Company offers the Medical Marijuana Dispensary Bond, which pledges compensation is available to the Board of Pharmacy should the dispensary neglect their duties or fail to comply with the rules and regulations, resulting in monetary loss.
Jet will never leave you high and dry — we promise to have your back should any faulty claims arise.
The cost of the bond is dependent on your credit, but with Jet, you will only pay a small percentage of the $50,000 bond limit. Rates start at $1,000 for one year or $100 per month. Jet also offers multi-year rates if you wish to line up the bond with your two-year certificate and save some money down the road.
Jet is the only direct provider of Ohio surety bonds that offers the Medical Marijuana Dispensary Bond in monthly subscriptions. We provide payment options that everyone can afford.
The Board is tasked with protecting Ohio’s citizens by administering and enforcing laws ensuring the legal distribution of drugs. Retail medical marijuana dispensary licensees are regulated by the Board and are required to keep active a surety bond while holding a certificate of operation. The Medical Marijuana Dispensary License Bond is a course of action for the Board if a dispensary causes monetary loss to the state by failing to comply with the Ohio Administrative Code Section 3796:6 and the Ohio Revised Code Chapter 3796 (Medical Marijuana Control Program).
The surety acts as a third-party guarantor between the dispensary and the State Board of Pharmacy and ensures restitution is provided in cases of financial damage to the State. For example, a dispensary’s failure to pay due taxes may result in a bond claim payout.
What makes Jet’s application process different is that we ask only for the basic information needed to get you a quote. Provide general business information and your social security number for the soft credit check (it won’t affect your score). Your application will go to a Jet underwriter for a quick review. If any other information is needed we will let you know, otherwise, a quote will be sent to your email and you can pay for and receive your bond online. Once payment is complete, you will receive an emailed receipt.
Once you’ve paid for the bond, a digital copy will be readily available to you. The bond form gives specific filing instructions, as follows:
Not a problem! Jet allows you to cancel the bond whenever needed. Keep in mind that a bond must remain on file for the duration of your certificate of operation. So, if you’re ending your certificate or have another bond to file with the Board, you should be fine — just let us know! We need a written request for cancellation, which can be sent via email to email@example.com. We will notify the Board which will keep the bond active for 30 days upon receipt of the notice.
Regarding refunds, if you paid in full for the bond, Jet will evaluate if there is any unused premium left and return it when applicable. The 30-day cancellation period must be taken into account for any refunds. If you are paying monthly, the payments will stop coming out of your account when the 30 days have ended and the Board has released you and Jet from liability.
If you are paying monthly, there is no renewal process. The bond will stay on file with the Board as long as Jet continues to receive payments from your preferred account.
If you paid for the bond in one-, two-, or three-year increments, Jet will send you an invoice via email and to your mailing address before the bond’s renewal. You can pay online through the email link or mail us a payment with the invoice.
To be blunt, don’t commit fraud or neglect your duties. Here is a list of potential reasons a claim would arise:
If you find yourself in the weeds, work alongside the Board to get out. The State Board of Pharmacy can pursue punitive action (license suspension and fines) if they determine you are not following the laws. The Board will often give you a chance to redeem yourself and correct any issues before calling on the bond for reimbursement.
The Board has deemed the bond necessary for a payout and Jet will be notified. However, we still do our due diligence by reviewing the claim details and ensuring you have been given the chance to defend your position for any false claims. That being said, any valid claims will be paid out by Jet. Because you are liable for your actions and the bond is only paid out for fraudulent or negligent actions, you must pay Jet back for the claim amount. Bear in mind that claims against your license will always be visible, making it hard to obtain a bond or license in the future.