§ 67. Amendments; changes in ownership and organizational structure. 1. Licenses issued pursuant to this article shall specify:

Terms Used In N.Y. Cannabis Law 67

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

(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.

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