(a) A cannabis license granted under this title is not transferable except as provided in this section.
(b) To transfer ownership or control of a license issued under this title, a licensee:
(1) shall submit to the Administration:
(i) an application fee in an amount to be determined by the Administration in accordance with this subtitle; and
(ii) an application developed by the Administration; and
(2) must meet the requirements for transfer of ownership or control established by the Administration under this title.
(c) (1) A cannabis licensee, including a cannabis licensee whose license was converted in accordance with § 36–401 of this title, may not transfer ownership or control of the license for a period of at least 5 years following licensure.
(2) The 5–year period specified in paragraph (1) of this subsection does not include the time period that a business is considered by the Administration to be in a preapproved licensure status.
(3) The limitations under this subsection do not apply to:
(i) transfers as a result of the disability, incapacity, or death of the owner of a cannabis license, bankruptcy or receivership in accordance with a lending agreement of a cannabis licensee, or court order; or
(ii) the sale of a cannabis licensee to the licensee’s employees through an employee stock ownership plan as defined in § 407(d)(6)(A) of the Employee Retirement Income Security Act of 1974.
(4) The limitations under this subsection do not apply to a transfer of ownership that is the subject of a legally binding settlement agreement resulting from litigation commenced on or before January 1, 2023.