Grow Bond and Cannabis Bond in Oklahoma City, Tulsa, Norman, Edmond, Shawnee, Midwest City, and the Surrounding Areas

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Cannabis Bond: Protect Your Crops – Protect Your Business

You may have heard about the new requirement for cannabis growers in Oklahoma City, Tulsa, Norman, Edmond, Shawnee, Midwest City, and the surrounding areas. This requirement for growers means that they need to have a cannabis bond or a grow bond if they are to grow cannabis on their property. Our team at Ford Insurance Agency can help you find an insurance company that will issue you the right grow bond. It is important to understand why you need this cannabis bond and what it will do. Contact our team today to learn more about your need for a grow bond for your operation.

What is a Grow Bond

Marijuana Plant being held by gloved hand with Grow Bonds in Oklahoma City, Tulsa, Norman, Edmond, Shawnee, Midwest City

Here in Oklahoma, any cannabis growers are now required to have a grow bond in the amount of at least $50,000 when they submit their application to be a medical marijuana grower. This bond essentially helps to pay for the cleanup when a growing operation is abandoned or shut down. There are many different things that could require cleanup efforts, and this bond requirement shifts the burden of the cleanup costs onto the growers rather than on the state population.

The only exception to this rule is if the property owners have owned the property where cannabis growing will be done for a minimum of five years before submitting an application to become a medical marijuana grower. The bond requirement is for a single license only; if multiple licenses are submitted, each license must also have the grow bond in place.

Why These Cannabis Bonds Are Important

It is unfortunate to say, but there are some bad actors that can screw things up for everyone else. When a state needs to spend the taxpayer’s money to clean up a marijuana growing operation that was illegal or was shut down, things can start to add up quickly. Having these cannabis bonds in place is meant to help keep the growers interested in keeping things neat and clean, and if they don’t then at least there are some funds available to help with cleaning things up that the grower paid for.

With these grow bonds now a matter of Oklahoma law, it is important that you get your grow bond in place when you go to submit your license request to become a commercial medical marijuana grower. Reach out to our team at Ford Insurance Agency today to get your cannabis bond in place in Oklahoma City, Tulsa, Norman, Edmond, Shawnee, Midwest City, and the surrounding areas. As an independent insurance agency, we will shop the market to find you the best options in grow bonds.

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Give us a call or contact us for your personalized quote today.