Understanding Land Ownership and Surety Bonds
Hello, this is Tulsa cannabis business attorney Jesse Kovacs with the OK Cannabis Law Office. Today, we will discuss land ownership and the surety bond requirement for commercial grower licenses. So, as you may or may not know, if you have owned a land for five years or more, you don’t have to get the surety bond of $50,000 to cover the land, your licensed premises.
But the problem is people think that if they own the land through a trust and the trust is in their name and they also have the business license associated with the land, then that will count as them owning the land for five years. Unfortunately, the answer to that question is no. The licensee has to be the record owner of the land for five years for that to count.
Importance of Proper Ownership Documentation
It is crucial to have the correct documentation and ownership structure in place to meet the requirements for the surety bond exemption. Failure to meet these requirements could result in delays or issues with obtaining your commercial grower license.
If you are unsure about the ownership status of your land or need assistance with navigating the regulations surrounding surety bonds for cannabis businesses, it is important to seek legal guidance from experienced professionals like the team at OK Cannabis Law Office.
Get Started with a Consultation
For personalized guidance on land ownership, surety bonds, and other legal matters related to cannabis business operations, contact the Oklahoma medical marijuana lawyer today for a low-cost consultation. Call 918-932-2879 to schedule your appointment and ensure that you are on the right path to success in the industry.