You Can Sign a Membership Interest Purchase Agreement
Video Transcribed: We are continuing with the question of how can you get a medical marijuana business license during the moratorium. I am Tulsa marijuana industry attorney Ope Adegbuyi, and in my last video, we talked about the first way to get a license, which would be to buy the license outright.
In this video, I’m talking about the second way to get a license: to buy the business or become a partner in the business that owns the license. So this way you can become a partner or buy a business by signing a membership interest purchase agreement. This means that if you’re buying the business outright, the owners of the business would be changing to the new buyer. So for example, if Jack owned the license and John bought the business, now John would own that business and the license. So you can only buy into a business and own the license if the business is the owner of the license because the license is an asset of the business.
If you’re partnering with a business or becoming a partner in a business, then you would be joining someone. For example, if Jack owns the business and you want to become a partner, now Jack and John would be the business owners. This way your names, Jack and John, would be on the business and as one of the owners of the license.
For more information or for help with this from a medical marijuana business license lawyer in Oklahoma, you can contact me at oklahomamedicalmarijuana.attorney.