(a) A person wishing to hold an ownership interest of 5% or greater in, or control of, a cannabis licensee shall submit to the Administration:
(1) an application that includes the name, address, and date of birth of the applicant;
(2) a statement signed by the applicant asserting that the applicant has not previously had a cannabis license or cannabis registration suspended or revoked;
(3) a State and national criminal history records check in accordance with § 36–505 of this subtitle;
(4) any information required by the Administration to complete an investigation into the background of the applicant, including financial records and other information relating to the business affairs of the applicant; and
(5) an application fee in an amount to be determined by the Administration in accordance with this subtitle.
(b) The Administration may deny an application if:
(1) the applicant:
(i) fails to submit the information required under subsection (a) of this section; or
(ii) has been convicted of or pleaded nolo contendere to a crime involving moral turpitude, whether or not any appeal or other proceeding is pending to have the conviction or plea set aside; or
(2) the Administration finds a substantial reason to deny the registration.