Connecticut General Statutes 21a-410 – Notification to Attorney General of material change to a medical marijuana business. Waiting period. Exemption from disclosure
(a) For purposes of this section:
Terms Used In Connecticut General Statutes 21a-410
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Subpoena: A command to a witness to appear and give testimony.
(1) “Material change” means: (A) The addition of a dispensary facility backer or producer backer, (B) a change in the ownership interest of an existing dispensary facility backer or producer backer, (C) the merger, consolidation or other affiliation of a medical marijuana business with another person, (D) the acquisition of all or part of a medical marijuana business by another person, and (E) the transfer of assets or security interests from a medical marijuana business to another person;
(2) “Medical marijuana business” means a medical marijuana dispensary facility or production facility, licensed pursuant to this chapter and the regulations adopted under this chapter;
(3) “Person” means an individual, firm, partnership, corporation, company, association, trust or other business or tribal entity; and
(4) “Transfer” means to sell, transfer, lease, exchange, option, convey, give or otherwise dispose of or transfer control over, including, but not limited to, transfer by way of merger or joint venture not in the ordinary course of business.
(b) No person shall, directly or indirectly, enter into a transaction that results in a material change to a medical marijuana business, unless all persons involved in the transaction file a written notification with the Attorney General pursuant to subsection (c) of this section and the waiting period described in subsection (d) of this section has expired.
(c) The written notice required under subsection (b) of this section shall be in such form and contain such documentary material and information relevant to the proposed transaction as the Attorney General deems necessary and appropriate to enable the Attorney General to determine whether such transaction, if consummated, would violate antitrust laws.
(d) The waiting period required under subsection (b) of this section shall begin on the date of the receipt by the office of the Attorney General of the completed notification required under subsection (c) of this section from all parties to the transaction and shall end on the thirtieth day after the date of such receipt, unless such time is extended pursuant to subsection (f) of this section.
(e) The Attorney General may, in individual cases, terminate the waiting period specified in subsection (d) of this section and allow any person to proceed with a transaction.
(f) The Attorney General may, prior to the expiration of the thirty-day waiting period, require, pursuant to a subpoena or voluntarily, the submission of additional information or documentary material relevant to the proposed transaction from a person required to file notification with respect to such transaction under subsection (b) of this section. Upon request for additional information under this subsection, the waiting period shall be extended until thirty days after the parties have substantially complied, as determined solely by the Attorney General, with such request for additional information.
(g) Any information or documentary material filed with the Attorney General pursuant to this section shall not be disclosed pursuant to subsection (c) of section 35-42 and, shall be exempt from disclosure under the Freedom of Information Act, as defined in section 1-200, and no such information or documentary material may be made public, except as may be relevant to any administrative or judicial action or proceeding. Such information or documentary material shall be returned to the person furnishing such information or documentary material upon the termination of the Attorney General’s review or final determination of any action or proceeding commenced thereunder.