Businesses Can Be Transferred in Two Separate Ways
Video Transcribed: How can a marijuana business change ownership? I am Oklahoma Medical Marijuana Attorney Ope Adegbuyi. In my last video, I talked about two ways of changing ownership: when the current owner transfers their license to a new owner.
The first way would be to do the transfer during your license renewal. So whenever you send in your renewal application, you also send in the change of ownership application and the information on the new owner.
However, the new owner must still meet all the requirements of your licensed medical marijuana license holder. And so you’re doing everything at once. And so whatever application fee… Whatever the application fee costs, it is how much you will pay.
The second way would be to apply for transferable ownership through the Thentia portal. So you go on the portal. The current owner would also fill out the transfer of application and ownership online on the portal and include the new owner’s information for a $500 fee.
If there’s a name change, there will be an additional $500 fee. And then, if there is a location change, that would also be an additional $500 fee.
So if you are transferring the ownership, changing your name, and changing your location, the total amount would be 1500. Visit the OK Cannabis Law Office to speak with a Medical Marijuana business attorney in Oklahoma.