Illinois implemented its Medical Cannabis Pilot Program (MCPP) on January 1, becoming the 20th state to legalize medicinal marijuana. Because the approved legislation will function as a pilot program, it will be reassessed for discontinuation after four years.
In the mean time, Illinois legislators have proposed three different bills seeking to better regulate the already existing MCPP. On February 27, the Illinois Department of Public Health began reviewing three different regulatory proposals, as well as comments and suggestions from the public.
The proposals up for review come from the Department of Financial and Professional Regulation, the Department of Revenue and the Department of Agriculture.
In regards to surety bond requirements, each proposed bill offers significantly varying options.
- The Department of Financial and Professional Regulation penned no surety bond requirement into its bill.
- The Department of Revenue suggested two options to ensure “financial responsibility” in aspiring medical marijuana dispensers. To get licensed, dispensers would either need to establish and maintain an escrow account in the amount of two million dollars ($2,000,000) or post a two million dollar ($2,000,000) surety bond.
- The Department of Agriculture suggested a similar requirement to that of the Department of Revenue. To get licensed, dispensers would either need to establish and maintain an escrow account in the amount of $50,000 or post a $50,000 surety bond.
Once all of the kinks get worked out, a surety bond will most likely exist for medicinal marijuana dispensers in Illinois. For more information about medical marijuana legislation, check out SuretyBonds.com’s infographic.
Stay tuned for updates on the progress of this legislation here on the Surety Bond Insider. If you need a surety bond in Illinois or any other state, contact SuretyBonds.com online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday between 7 a.m. and 7 p.m. CST. Our expert surety specialists will walk you through each step of the quick, easy and accurate bonding process.