Preparing for License Transfers under Oklahoma’s Senate Bill 1939
Hello, this is Oklahoma cannabis business attorney Jesse Kovacs with the OK Cannabis Law Office. Today, we’re going to be asking how is the license transfer process going to change in November of 2024 when Senate Bill 1939 goes into effect. Now, if you weren’t aware, Senate Bill 1939 outlines new procedures for how license transfers should work. And it says that no license can be transferred without written approval of an application by the OMMA.
Now, that’s already how it works you turn in your application, either a material change request or in your renewal application, you submit the new ownership information or the new business name, new location, that kind of stuff. OMMA approves it, and then you go to the OBNDD to get your registration. Now, these new provisions, although it doesn’t change too much, do make it very clear that you need to have OMMA’s approval to do a license transfer.
Understanding the Importance of OMMA’s Approval
If you’re trying to move ownership interests around without going through OMMA, that can be a big problem. Specifically, it states that any attempt to do that, any attempt to transfer a medical marijuana business, medical marijuana products, or anything like that, without the express written approval of OMMA would be grounds for revocation or non-renewal of the license. So, it’s extremely important to have all your ducks in a row, do everything the right way, making sure that OMMA and OBNDD are involved in the license transfer process. And again, those new rules are going to affect this November 1st, 2024 under Senate Bill 1939.
Now, if this information was helpful to you and you want to find more like it, you can find more at our website, oklahomamedicalmarijuana.attorney.
Get Your Low-cost Consultation Today!
For a low-cost consultation on how Senate Bill 1939 may impact your cannabis licensing process, call OK Cannabis Law Office at 918-932-2879. Our team of experienced OMMA compliance attorneys in Tulsa is here to help guide you through the changes and ensure compliance with the new regulations. Don’t wait, take the first step towards a successful license transfer today!