§36–503.

    (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 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.

        (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.