Colorado § 44-10-312 - Transfer of ownership.

§ 44-10-312. Transfer of ownership.

(1) A state or local license granted under the provisions of this article 10 is not transferable except as provided in this section, but this section does not prevent a change of location as provided in section 44-10-313 (13).

(2) For a transfer of ownership involving a controlling beneficial owner, a license holder shall apply to the state and local licensing authorities on forms prepared and furnished by the state licensing authority. In determining whether to permit a transfer of ownership, the state and local licensing authorities shall consider only the requirements of this article 10, any rules promulgated by the state licensing authority, and any other local restrictions. The local licensing authority or local jurisdiction may hold a hearing on the application for transfer of ownership. The local licensing authority or local jurisdiction shall not hold a hearing pursuant to this subsection (2) until the local licensing authority or local jurisdiction has posted a notice of hearing in the manner described in section 44-10-303 (2) on the licensed premises for a period of ten days and has provided notice of the hearing to the applicant at least ten days prior to the hearing. Any transfer of ownership hearing by the state licensing authority must be held in compliance with the requirements specified in section 44-10-303.

(3) For a transfer of ownership involving a passive beneficial owner, the license holder shall notify the state licensing authority on forms prepared and furnished by the state licensing authority within forty-five days to the extent disclosure is required by section 44-10-309.

(4) A person that becomes a controlling beneficial owner of a publicly traded corporation that is a medical marijuana business or retail marijuana business or that becomes a beneficial owner, through direct or indirect ownership of a controlling beneficial owner, of ten percent or more of a medical marijuana business or retail marijuana business that is a publicly traded corporation must disclose the information required by section 44-10-309 and apply to the state licensing authority for a finding of suitability or exemption from a finding of suitability pursuant to section 44-10-310 within forty-five days after becoming such a controlling beneficial owner. A medical marijuana business or retail marijuana business shall notify each person that is subject to this subsection (4) of its requirements as soon as the medical marijuana business or retail marijuana business becomes aware of the beneficial ownership triggering the requirement, provided that the obligations of the person subject to this subsection (4) are independent of, and unaffected by, the medical marijuana business's or retail marijuana business's failure to give the notice.

Source: L. 2019: Entire article added with relocations, (SB 19-224), ch. 315, p. 2873, § 5, effective January 1, 2020.

Editor's note: This section is similar to former §§ 44-11-309 and 44-12-308 as they existed prior to 2020.