Applicants for a pharmaceutical processor permit (which includes cannabis dispensing facilities). Required when: Submission of an initial application for a pharmaceutical processor permit to prove financial responsibility. Exemptions: Applicants may provide evidence of an escrow account, letter of credit, or loan comm…
Overview
What it is.
Applicants for a pharmaceutical processor permit (which includes cannabis dispensing facilities). Required when: Submission of an initial application for a pharmaceutical processor permit to prove financial responsibility. Exemptions: Applicants may provide evidence of an escrow account, letter of credit, or loan comm…
Who usually needs it
Applicants for a pharmaceutical processor permit (which includes cannabis dispensing facilities).
Pricing & timing
What to expect.
Generic pricing
Performance bonds guarantee that a contractor will complete a project according to the contract terms. Typical Pricing:. • Small contracts: Commonly around 1–5% of the contract value (one-time upfront premium). • Larger contracts: Rates generally scale lower as contract size increases. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. • Full underwriting required: Credit, financials, experience, and bon…
Typical timeframe
Full underwriting required — typically 3–5 business days
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateVABond amountThe bond amount is not fixed by regulation; it is used as an optional method to…Term lengthContinuousObligeeVirginia Cannabis Control AuthorityRenewalThe permit is renewed annually; the bond must be maintained as part of the ongoing financial capacity requirements until the facility is operational or as otherwise directed by the Authority.Bond classPerformance BondCategoryFinancial ServicesBondPerformance Surety BondStatutory reference3VAC10-30-110JurisdictionState
