§ 36-503

Maryland § 36-503

• Jurisdiction: Maryland
• Article gab: Alcoholic Beverages and Cannabis
• Title: 36

Text

(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.

(c) (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.