Oklahoma § 63-427.15 - Authority to develop policies and procedures for

§ 63-427.15. Authority to develop policies and procedures for

disclosure by businesses – Attestation regarding foreign financial

interests.

A. The Oklahoma Medical Marijuana Authority is hereby

authorized to develop policies and procedures for disclosure by a

medical marijuana business of financial interest and ownership.

B. Upon the effective date of this act, current medical

marijuana business licensees and applicants seeking licensure as a

medical marijuana business shall be required to submit under penalty

of perjury an attestation confirming or denying the existence of any

Oklahoma Statutes - Title 63. Public Health and Safety

foreign financial interests in the medical marijuana business

operation and shall disclose the identity of such ownership, if

applicable. Medical marijuana business licensees shall, within

sixty (60) days after the effective date of this act, submit such

attestation to the Oklahoma State Bureau of Narcotics and Dangerous

Drugs Control. Applicants for a medical marijuana business license

shall, within sixty (60) days after the approval of a medical

marijuana business license application by the Oklahoma Medical

Marijuana Authority, submit such attestation to the Bureau. Failure

to submit the attestation or accompanying information to the Bureau

within the specified sixty-day time period shall result in the

immediate revocation of the medical marijuana business license. The

Bureau shall prescribe the form of the attestation required under

the provisions of this subsection and shall make the form available

on its publicly accessible Internet website.

Added by Laws 2019, c. 11, § 15. Amended by Laws 2021, c. 482, § 1,

eff. July 1, 2021.

§63-427.15a. Publicly traded company defined.

For purposes of this section, "publicly traded company" means a

business entity organized under the laws of the United States or

Canada where the domicile for the business entity permits the sale

of marijuana and such business entity has a class of securities that

are registered and traded for investment pursuant to the Security

Exchange Act of 1934 or listed and traded for investment on a

reputable recognized foreign stock exchange or foreign market

exchange.

On and after the effective date of this act, a publicly traded

company as defined herein is authorized to purchase up to forty

percent (40%) of the equity in an existing Oklahoma business that

holds a valid Oklahoma medical marijuana grower, processor or

transporter license; provided, however, the only Oklahoma business

qualified for investment or equity purchase under this section must

have held a valid medical marijuana grower, processor or transporter

license for at least eighteen (18) months prior to the investment or

equity purchase and must be currently operating in good standing in

this state. A licensed medical marijuana dispensary shall not be

qualified for investment or equity purchase under the provisions of

this section.

Added by Laws 2021, c. 584, § 9, emerg. eff. May 28, 2021.