Florida Medical Marijuana Treatment Centers (MMTC) are required to obtain a $5 million surety bond as part of their application process. These surety bonds help facilitate the prescription of medical marijuana which will best suit the needs of patients. MMTC have 10 business days to post the bond once given the approval to start operations. The State of Florida defines a Medical Marijuana Treatment Center as one that acquires, possesses, cultivates, processes, transfers, transports, sells, dispenses, distributes or administers marijuana or products containing marijuana or related supplies or educational materials to qualifying patients or their caregivers and is registered by the Florida Department of Health. Under Florida Statutes 381.986, a MMTC will be required to maintain a $2 million performance bond upon the serving of 1,000 qualified patients.
These surety bonds are issued in the amount of $5 million. Pricing is based on the principal’s credit score. The bonds are valid for a two year period, in concurrence with your state licensing.
Please feel free to visit the Florida Department of Health’s web page for more details regarding Medical Marijuana Surety Bonds.
Pacific Surety offers 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. If you have any specific questions, please contact our knowledgeable underwriting staff.
Surety Bond Name
Medical Marijuana Surety Bonds – Florida
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