§ 36-503
266 words·~1 min read·
/md/alcoholic-beverages-and-cannabis/36-503·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§36–503.
(a)A cannabis license granted under this title is not transferable except as provided in this section.
(b)To transfer ownership or control of a license issued under this title, a licensee:
(1)shall submit to the Administration:
(i)an application fee in an amount to be determined by the Administration in accordance with this subtitle; and
(ii)an application developed by the Administration; and
(2)must meet the requirements for transfer of ownership or control established by the Administration under this title.
(1)A cannabis licensee, including a cannabis licensee whose license was converted in accordance with § 36–401 of this title, may not transfer ownership or control of the license for a period of at least 5 years following licensure.
(2)The 5–year period specified in paragraph
(1)of this subsection does not include the time period that a business is considered by the Administration to be in a preapproved licensure status.
(3)The limitations under this subsection do not apply to:
(i)transfers as a result of the disability, incapacity, or death of the owner of a cannabis license, bankruptcy or receivership in accordance with a lending agreement of a cannabis licensee, or court order; or
(ii)the sale of a cannabis licensee to the licensee’s employees through an employee stock ownership plan as defined in § 407(d)(6)(A) of the Employee Retirement Income Security Act of 1974.
(4)The limitations under this subsection do not apply to a transfer of ownership that is the subject of a legally binding settlement agreement resulting from litigation commenced on or before January 1, 2023.