In fact, a corporation may apply for a license if a minority of its directors are non-US citizens if each of its principal officers are US citizens or permanent residents.
Cities, towns, and villages may prohibit retail sales and on-site consumption of adult-use cannabis by enacting local ordinances no later than December 31, 2021, but may not prohibit the other activities authorized by MRTA.
Application requirements will be set forth in the forthcoming regulations, but at a minimum, officers, directors, and other principals of applicant entities should be prepared to provide: personal and demographic information; corporate structure and investment information; fingerprints for a background check; information about the premises to be licensed, such as the address and proof of the right to use it for the two-year license term; and financial statements.
In addition to requiring an application fee, MRTA also allows OCM/CCB to assess an additional biennial fee based upon the amount of cannabis to be cultivated, processed, distributed, and/or dispensed, or the gross annual receipts for a license period.
MRTA also prohibits the sale or transfer of a social equity license for three years after initial licensure, unless the license is sold or transferred to another entity that qualifies for a social equity license and the transfer is approved by the CCB.
While many states choose to regulate hemp separately from other types of cannabis, MRTA consolidated the regulation of all cannabis-related activity in the state under the authority of one regulatory authority — CCB/OCM.
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