After initial submission of your facility license application, you may need to make amendments and report certain changes in order to comply with the law and regulations. These changes to cannabis facility license application and/or facility license are required to be disclosed to the Marijuana Regulatory Agency (MRA) in a timely manner to avoid the risk of fines and/or sanctions.
To assist applicants in making required changes, the MRA recently released 3 new forms that must be completed if there is a change of ownership, a purchase of a business, and a change of location.
To fully complete the change of ownership form, you will need to provide the following information regarding the entity:
If the ownership change affects the entity capitalization, an updated CPA Attested Financial Statement Documenting Capitalization, Statement of Money Lender Form, Promissory Note and Line of Credit Documents will need to be provided.
To fully complete the purchasing a business form, you will need to provide the following information regarding the entity:
You will also need to identify if the purchase is an entity purchase or an asset purchase. An entity purchase includes items such as name or FEIN. An asset purchase includes items such as real estate, facility fixtures, inventory, etc. Different items are required depending on the type of purchase.
For an Entity Purchase, you need to provide the Change of Ownership form with supporting documentation, a purchase agreement, and proof of payment.
For an Asset Purchase, you need to provide facility demographics, attestations, business plans, deed or lease agreement, certificate of occupancy, and documents related to transfer or purchase.
To fully complete the change of location form, you will need to provide the following information regarding the entity:
The MRA will also need supporting documentation for the proposed change of location such as facility demographics, attestations, business plans, reason for change of location, and whether or not the address will be sharing locations with a licensed marijuana facility.
Before making any changes to your cannabis facility license application, it is important to consult an experienced cannabis attorney and the Application Instruction Booklet to ensure that all amendment documents have been completed and provided to the Agency in the required manner.
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