Missouri cannabis regulators release ownership guidance for microbusinesses.
JEFFERSON CITY, MO (STL.News) Following the licensing of 48 marijuana microbusiness facilities in Missouri on October 2, the Division of Cannabis Regulation (DCR) has published guidance regarding microbusiness facility ownership.
Microbusiness licenses must continue to be majority-owned and operated by individuals who meet at least one of the eligibility qualifications outlined by 19 CSR 100-1.190(1)(B).
A change of ownership of a microbusiness license is subject to review and approval by DCR prior to taking effect. Licensees and potential purchasers are required to complete the necessary steps outlined in 19 CSR 100-1.100(2) prior to transferring a license or making changes to ownership. License transfers and changes to ownership are completed through a business change application. A business change application may only be submitted after DCR issues its letter verifying the licensee passed the Minimum Standards and Eligibility Verification Review. Further, changes to ownership amounting to 50% or more may only be submitted after the licensee’s facility has received approval to operate pursuant to 19 CSR 100-1.100(2)(C).
Microbusiness licensees submitting a business change application involving a change to ownership must also include eligibility documentation for any new individual whose voting or financial interest will contribute to majority ownership. Unauthorized changes to ownership may result in penalties, including fines, suspension, or revocation.
“It is imperative that the microbusiness program operate as the voter-approved law was intended,” said Amy Moore, director of DCR. “Regulations around microbusiness ownership ensure marginalized or under-represented individuals are leading and benefitting from this portion of the legal marijuana market.”
More information about this process can be found at Cannabis.Mo.Gov.
