Minnesota Statutes 342.12 – Licenses; Transfers; Adjustments
(a) Licenses issued under this chapter may be freely transferred subject to the prior written approval of the office, which approval may be given or withheld in the office’s sole discretion, provided that a social equity applicant may only transfer the applicant’s license to another social equity applicant. A new license must be obtained when:
Terms Used In Minnesota Statutes 342.12
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
(1) the form of the licensee’s legal business structure converts or changes to a different type of legal business structure; or
(2) the licensee dissolves; consolidates; reorganizes; undergoes bankruptcy, insolvency, or receivership proceedings; merges with another legal organization; or assigns all or substantially all of its assets for the benefit of creditors.
(b) Transfers between social equity applicants must be reviewed by the Division of Social Equity.
(c) Licenses must be renewed annually.
(d) License holders may petition the office to adjust the tier of a license issued within a license category provided that the license holder meets all applicable requirements.
(e) The office by rule may permit relocation of a licensed cannabis business, adopt requirements for the submission of a license relocation application, establish standards for the approval of a relocation application, and charge a fee not to exceed $250 for reviewing and processing applications. Relocation of a licensed premises pursuant to this paragraph does not extend or otherwise modify the license term of the license subject to relocation.