(a) An individual applicant for a license under this subpart shall be a natural person that:

1. (1) Is twenty-one (21) years of age or older;
2. (2) Is a current resident of the State of Arkansas and has been a resident for seven (7) consecutive years prior to the date of application;
3. (3) Has not previously held a license for a licensed facility that has been revoked;
4. (4) Has no ownership in any other cultivation facility in the State of Arkansas;
5. (5) Has not been convicted of a felony offense;
6. (6) If possessing a professional license, that the license is in good standing; and
7. (7) Has no outstanding tax delinquencies owed to the State of Arkansas or the federal government.

(b) If the applicant is applying on behalf of an entity, in addition to subsection (a) of this section, the individual applicant shall:

1. (1) Be legally authorized to submit an application on behalf of the entity;
2. (2) Serve as the primary point of contact with the Medical Marijuana Commission; and

3. (3) Submit sufficient proof that:

   1. (A) The entity has no owner, board member, or officer under the age of twenty-one (21);
   2. (B) Sixty percent (60%) of the equity ownership interests in the entity are held by individuals who have been residents of the state for at least seven (7) consecutive years prior to the application date;
   3. (C) The entity has no owner, board member, or officer that has previously been an owner of a licensed facility that has had its license revoked;
   4. (D) The entity has no owner, board member, or officer that has ownership in any other cultivation facility in the State of Arkansas;
   5. (E) The entity has no owner, board member, or officer that has been convicted of a felony offense;
   6. (F) If an owner, board member, or officer has or had a professional license, that the license is in good standing; and
   7. (G) The entity has no owner, board member, or officer that owes delinquent taxes to the State of Arkansas or the federal government.

(c)

1. (1) Applicants shall provide proof of:

   1. (A) Assets or a surety bond in the amount of one million dollars ($1,000,000); and
   2. (B) Proof of at least five hundred thousand dollars ($500,000) in liquid assets.

2. (2) If an applicant posts a surety bond, the bond shall be maintained until:

   1. (A) An applicant withdraws an application;
   2. (B) An applicant’s application is denied by the commission; or
   3. (C) An applicant, following selection by the commission for a cultivation facility license, pays the licensing fee and posts the performance bond required in 20 CAR § 800-210(a) and (c).