Delaware Code Title 4 Sec. 1372 – Change in ownership
(a) In order to change ownership of a license, all of the following must be filed with the Commissioner on behalf of the new owner or owners:
(1) An application.
(2) A financial statement of the new owner or owners.
(3) Personal financial statements of all individuals, partners, or stockholders holding at least 10% of the corporate stock.
(4) A copy of the agreement of the terms of the sale or other exchange of financial interest, including stock distribution.
(5) Copy of all documents explaining interest and profit/loss distribution.
(6) Any application fee required by the Commissioner.
(7) Any other documents requested by the Commissioner.
Terms Used In Delaware Code Title 4 Sec. 1372
- Commissioner: means the person appointed by the Governor and confirmed by the Senate who serves as the Marijuana Commissioner for the State. See Delaware Code Title 4 Sec. 1302
- License: means any license or permit to cultivate, possess, manufacture, sell, transport, or test marijuana or marijuana products and accessories authorized or issued by the Commissioner under this chapter. See Delaware Code Title 4 Sec. 1302
- Sale: means every act of selling as defined in this section. See Delaware Code Title 4 Sec. 101
(b) A change in ownership includes a change in the entire ownership, change in the partial ownership, or the sale or exchange of shares of stock by stockholders.