Separate from state requirements, the City of Lafayette requires applicants operating a Medical/Recreational marijuana store to post a surety bond in the amount of $5,000. This surety bond ensures that the principal reports and pays all sales and use taxes due to the city in a timely manner, as provided by the law. This bond is continuous and remains in full effect until canceled by the surety. The surety can cancel the bond at any time by filing forty-five (45) days written notice with the principal and local licensing authority. If cancellation is based upon nonpayment of premium, the surety can cancel with a ten (10) day written notice. License applications and additional information can be found on the city’s website.
Pacific Surety makes the bonding process very simple. We offer industry low rates and can obtain approvals for almost all credit situations. Once our simple application has been completed, we can have pricing to you within hours. We have all required forms available so your bond is issued and delivered correctly the first time! If you have any questions about the process, do not hesitate to contact one of our knowledgeable staff members.