Colorado licensing bond not required until 2011

[MMDInsuranceCo]

Please spread the word to dispensaries and bakeries that the medical marijuana licensing bond is not required until July 2011. If you click below, you can see the email directly from Matt Cook at the Department of Revenue.

Thanks

Medical marijuana licensing bond not required until 2011 (http://www.marijuanabusinessinsurance.com/2010/06/28/medical-marijuana-licensing-bond-not-required-until-2011/)

[MMDInsuranceCo]

Here's the proof in case we're ever dragged into court:

http://www.youtube.com/watch?v=xhV0M-Si7TU

[TheReleafCenter]

Correct me if I'm wrong, but the bond is the largest fee associated with the operation, up to 18,5k?

[michaelnights]

Thank you for the Good News!

HB10-1282 Page 16

12-43.3-304. Medical marijuana license bond. (1) BEFORE THE
STATE LICENSING AUTHORITY ISSUES A STATE LICENSE TO AN APPLICANT,
THE APPLICANT SHALL PROCURE AND FILE WITH THE STATE LICENSING
AUTHORITY EVIDENCE OF A GOOD AND SUFFICIENT BOND IN THE AMOUNT OF
FIVE THOUSAND DOLLARS WITH CORPORATE SURETY THEREON DULY
LICENSED TO DO BUSINESS WITH THE STATE, APPROVED AS TO FORM BY THE
ATTORNEY GENERAL OF THE STATE, AND CONDITIONED THAT THE APPLICANT
SHALL REPORT AND PAY ALL SALES AND USE TAXES DUE TO THE STATE, OR
FOR WHICH THE STATE IS THE COLLECTOR OR COLLECTING AGENT, IN A
TIMELY MANNER, AS PROVIDED IN LAW.

[TheReleafCenter]

Aww, it's just the 5k. :mad:

[MMDInsuranceCo]

The bond which are still being developed are to pay the sales tax. They won't cost much. But the good news is you don't have to get it until next year. The biggest problem with bonds is they are underwritten like a loan i.e. credit check.