N.Y. Cannabis Law § 67: Amendments; changes in ownership and organizational structure

§ 67. Amendments; changes in ownership and organizational structure.

1. Licenses issued pursuant to this article shall specify:

(a) the name and address of the licensee;

(b) the activities permitted by the license;

(c) the land, buildings and facilities that may be used for the

licensed activities of the licensee;

(d) a unique license number issued by the board to the licensee; and

(e) such other information as the board shall deem necessary to assure

compliance with this chapter.

2. Upon application of a licensee to the board, a license may be

amended to allow the licensee to relocate within the state, to add or

delete licensed activities or facilities, or to amend the ownership or

organizational structure of the entity that is the licensee. The board

shall establish a fee for such amendments.

3. A license shall become void by a change in ownership, substantial

corporate change or location without prior written approval of the

board. The board may promulgate regulations allowing for certain types

of changes in ownership without the need for prior written approval.

4. For purposes of this section, "substantial corporate change" shall

mean:

(a) for a corporation, a change of fifty-one percent or more of the

officers and/or directors, or a transfer of fifty-one percent or more of

stock of such corporation, or an existing stockholder obtaining

fifty-one percent or more of the stock of such corporation; or

(b) for a limited liability company, a change of fifty-one percent or

more of the managing members of the company, or a transfer of fifty-one

percent or more of ownership interest in said company, or an existing

member obtaining a cumulative of fifty-one percent or more of the

ownership interest in said company; or

(c) for a partnership, a change of fifty-one percent or more of the

managing partners of the company, or a transfer of fifty-one percent or

more of ownership interest in said company, or an existing member

obtaining a cumulative of fifty-one percent or more of the ownership

interest in said company.