Maryland Code, ALCOHOLIC BEVERAGES AND CANNABIS 36-503
Terms Used In Maryland Code, ALCOHOLIC BEVERAGES AND CANNABIS 36-503
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- including: means includes or including by way of illustration and not by way of limitation. See
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(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 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.
(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.