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Commercial Cannabis Licensee Bond Form State of California
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People also ask
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What is the surety law in California?
Unless notice of acceptance is expressly required, an offer to become a surety may be accepted by acting upon it, or by acceptance upon other consideration. An absolute suretyship obligation is binding upon the surety without notice of acceptance.
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What are the requirements for a surety bond in California?
The bond must be written by a surety company licensed through the California Department of Insurance. The bond must be in the amount of $25,000. The business name and license number on the bond must correspond exactly with the business name and license number on the CSLB's records.
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What is the surety bond for cannabis in California?
Per Section 15002 of the regulations, an application for an annual cannabis license must include proof of a surety bond of at least $5,000 payable to the State of California for each licensed premises.
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How much is a surety bond in California?
Surety bonds in California typically range in cost from 0.5% to 3.0% of the bond amount or required coverage.
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What are the charges for cannabis in California?
Intent to distribute any amount: Misdemeanor – six months imprisonment in county jail, $500 fine. Cultivation of more than six plants: Misdemeanor – six months incarceration, $500 fine. Possession of more than eight grams of concentrated marijuana: Misdemeanor – six months incarceration in county jail, $500 fine.
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What is a Type 13 cannabis license in California?
Type 13: transport-only distributor Type 13 distributors can move cannabis and cannabis products between cultivation, manufacturing or distribution premises. Reduced fees are available if you only want to transport the goods you cultivate or manufacture.
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How do I get a bond license in California?
The bond must be written by a surety company licensed through the California Department of Insurance. The bond must be in the amount of $25,000. The business name and license number on the bond must correspond exactly with the business name and license number on the CSLB's records.
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What is a commercial cannabis license bond?
A California Cannabis Bond is a $5,000 surety bond that is required to be posted by cannabis business licensees before they are issued a license to conduct business in the State of California. There are six (6) different cannabis licenses issued by the State of California, each of which requires a $5,000 surety bond.
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