Rule 1301:18-3-04 | Disclosure of Ownership, Financial Interest, and Control.
(A) Pursuant to Chapter 1301:18-2 of the Administrative Code, each applicant shall submit to the division all of the following:
(1) Applicant's ownership list and capitalization table;
Each applicant shall identify any person who has a ten percent or greater ownership interest within the applicant's ownership structure.
(2) An organizational chart identifying all owners, officers, and board members of the applicant;
(3) For each proposed owner, officer, and board member:
(a) Full legal name;
(b) Address;
(c) Date of birth, evidencing the individual is at least twenty-one years of age or older;
(d) The individual's proposed role with the applicant; and
(e) If applicable any ownership, financial interest, or control in any other cannabis entity.
(4) For any instance in which the applicant or any person associated with the applicant is currently or was previously licensed or authorized in another state or jurisdiction to cultivate, produce, test, dispense, or otherwise deal in the distribution of marijuana in any form, the following:
(a) A statement granting permission to contact the regulatory agency that granted the license, accompanied by the contact information, to confirm the information contained in the application; and
(b) If the license, authorization, or application was ever fined, denied, suspended, revoked, or otherwise sanctioned, a copy of documentation so indicating, or a statement that the applicant was so licensed and was never sanctioned.
(5) A list of any person with a direct or indirect financial interest in, the applicant;
(6) A list of any person with direct or indirect control over, the applicant;
(a) This applies to any current or future right to control.
(7) A list of any of the following regardless of whether they meet the definition of ownership, financial interest, or control:
(a) Option agreement, debt conversion, or other agreement which creates a current or future right in equity in the applicant.
(b) Disclosure pursuant to this rule is mandatory regardless of whether such modification is contingent upon certain acts or omissions.
(8) A copy of any pending or executed merger, sale, option to purchase, letter of intent, consulting, management, support, administrative services, or other similar agreements between applicant and any other person or that person's affiliates; and
(9) Any other documentation evidencing the ownership structure, financial interest, or control of the applicant.
(B) At least thirty calendar days prior to the issuance or renewal of a certificate of operation, each licensee shall review all documentation provided under paragraph (A) of this rule.
(1) Each licensee shall ensure all information remains true, accurate, and complete as of the date of the review.
(2) Each licensee shall submit to the division evidence of compliance with this paragraph and include the following:
(a) The date of the review;
(b) Updated documentation containing all information mandated under paragraph (A) of this rule; and
(c) Certification by a third-party, independent licensed auditor or certified public accountant attesting all documentation propounded is true, accurate, and complete representation of the information contained therein.
Last updated November 1, 2024 at 3:23 AM
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