Section 36-1103 - Ownership interest(a) In this section, "genuine ownership" means an ownership interest in an applicant, a cannabis licensee, or a registrant that is evidenced by record ownership in which the owner, regardless of the amount of capital or assets that the owner contributes to the applicant, licensee, or registrant, enjoys the customary incidents of ownership and shares in the profits and losses of the cannabis license or registration proportionate to the percentage of the owner's interest in the cannabis license or registration.(b) A person may not apply for or hold a cannabis license or registration under this title if an ownership interest in the license or registration is:(1) nominal or without the benefits and risks of genuine ownership or control; and(2) for the limited purpose of satisfying the requirements under this title for cannabis licensees or registrants, including requirements for social equity licensees or registrants.(c) A person who violates subsection (b) of this section is guilty of a misdemeanor and on conviction is subject to a fine of not more than $2,500 or imprisonment for not more than 1 year or both.(d) Subject to the hearing provisions of § 36-202 of this title, the Administration shall deny an application for a cannabis license or registration or revoke a cannabis license or registration under this title if the applicant, cannabis licensee, or registrant is: (1) determined by the Administration to be in violation of subsection (b) of this section; or(2) convicted of violating subsection (b) of this section.Md. Code art. Alcoholic Beverages and Cannabis, § 36-1103Md. Code, Alcoholic Beverages and Cannabis § 36-1103
Added by 2024 Md. Laws, Ch. 242,Sec. 1, eff. 6/1/2024.