Cannabis Insurance Requirements for the State of Oklahoma

In the State of Oklahoma is a.k.a The Sooner State has no specific state cannabis insurance requirements for business insurance for licensed cannabis dispensary, cultivation, or manufacturing facilities.  This was based on a search of Oklahoma Medical Marijuana and Patient Protection Act.

You should not certain cities might have insurance requirements.  If you have employees, then workers compensation insurance is required by law. 

Oklahoma is susceptible to the following types of claims:

Thunderstorms: Oklahoma is situated in Tornado Alley, so severe thunderstorms are common, especially during the spring and early summer months. These storms can bring strong winds, hail, lightning, and occasionally tornadoes.  Buy cannabis insurance with wind and hail coverage is extremely important  in the State of Oklahoma because these claims are severe and frequent.  

Tornadoes: Oklahoma is known for its frequent tornado activity, earning it the nickname “Tornado Alley.” Tornadoes can occur throughout the year but are most prevalent during the spring months. The state experiences both isolated tornadoes and outbreaks of multiple tornadoes.

Severe Weather: In addition to tornadoes, Oklahoma often experiences other forms of severe weather, including damaging straight-line winds and flash floods.

Drought: Parts of Oklahoma are susceptible to drought conditions, particularly in the western regions of the state. Droughts can have significant impacts on agriculture, water resources, and ecosystems.

Winter Weather: While not as common as in some other regions, Oklahoma can experience winter storms with snow, sleet, and freezing rain, particularly in the northern and western parts of the state.

Wildfires: During periods of hot and dry weather, especially in the western regions where vegetation is more sparse, wildfires can occur and spread rapidly.

If you are a landlord who owns a building with a cannabis tenant you must not only consider weather related events, but damage to the building if there is a theft.

Is there a cannabis bond required in the State of Oklahoma?

Yes.  Oklahoma does require a bond.   According to the Oklahoma Medical Marijuana Authority website:

Senate Bill 913 took effect April 20, 2023, and requires commercial medical marijuana growers license applicants and licensees to submit proof of one of the following to OMMA:

• A surety bond covering the area of land within the permit area upon which the business licensee will initiate and conduct commercial growing operations, or;
• An attestation and accompanying documentation showing that the permit area on which the licensee will initiate or conduct growing operations has been owned by the licensee for at least 5 years before submitting the application.