1. (a) A cannabis license granted under this title is not transferable except as provided in this section.

2. (b) To transfer ownership or control of a license issued under this title, a licensee:

   1. (1) shall submit to the Administration:

      1. (i) an application fee in an amount to be determined by the Administration in accordance with this subtitle; and
      2. (ii) an application developed by the Administration; and
   2. (2) must meet the requirements for transfer of ownership or control established by the Administration under this title.

3. (c)

   1. (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. (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. (3) The limitations under this subsection do not apply to:

      1. (i) 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; or
      2. (ii) the sale of a cannabis licensee to the licensee's employees through an employee stock ownership plan as defined in § 407(d)(6)(A) of the Employee Retirement Income Security Act of 1974.
   4. (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.

Added by Acts 2023, c. 254, § 5, eff. May 3, 2023; Acts 2023, c. 255, § 5, eff. May 3, 2023. Amended by Acts 2025, c. 120, § 1, eff. July 1, 2025.