Sec. 7-25. Transfer of license awarded to Qualified Social Equity Applicant.
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/il/chapter-410/act-705/7-25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 7-25. Transfer of license awarded to Qualified Social Equity Applicant.
(a)In the event a Qualified Social Equity Applicant seeks to transfer, sell, or grant a cannabis business establishment license within 5 years after it was issued to a person or entity that does not qualify as a Social Equity Applicant, the transfer agreement shall require the new license holder to pay the Cannabis Business Development Fund an amount equal to:
(1)any fees that were waived by any State agency based on the applicant's status as a
Social Equity Applicant, if applicable;
(2)any outstanding amount owed by the Qualified Social Equity Applicant for a loan
through the Cannabis Business Development Fund, if applicable; and
(3)the full amount of any grants that the Qualified Social Equity Applicant received
from the Department of Commerce and Economic Opportunity, if applicable.
(b)Transfers of cannabis business establishment licenses awarded to a Social Equity Applicant are subject to all other provisions of this Act, the Compassionate Use of Medical Cannabis Program Act, and rules regarding transfers.