(a) A license may be renewed if the dispensary licensee:

1. (1) Submits to the Medical Marijuana Commission a renewal application on a form and in a manner prescribed by the commission at least sixty (60) days prior to the expiration date on the license;
2. (2) Is in good standing with the Secretary of State’s office;
3. (3) Continues to be in good standing with the Department of Finance and Administration; and
4. (4) Continues to meet all the requirements set out in this part or the rules of the Department of Health or the Alcoholic Beverage Control Division.

(c)

1. (1) After receiving written notice from the commission that its renewal application has been approved, the dispensary licensee shall pay the annual renewal fee of twenty-two thousand five hundred dollars ($22,500) in certified funds.
2. (2) Any certified or cashier’s check shall be payable to the State of Arkansas.

(d)

1. (1) A dispensary licensee whose license is not renewed shall:

   1. (A) Cease all operations immediately upon expiration of the license; and
   2. (B) Return the license to the commission.
2. (2) Any marijuana or marijuana products remaining at the facility shall be destroyed or transferred pursuant to the division rules.