The New Oklahoma Medical Marijuana Business Transfer Law: What You Need to Know

On November 1, 2024, Oklahoma Senate Bill 1939 took effect, and the new law dramatically alters:

•           how a medical marijuana license can be bought or sold

•           how an existing owner of a medical marijuana business can leave the company

•           how a new owner of a medical marijuana business can join the company

•           how a medical marijuana business can change its location 

Under this new law, any attempt to transfer a medical marijuana license, change ownership of a medical marijuana business, or change the location of a medical marijuana facility except through the new law's procedure can be grounds for license revocation, and can also result in anyone involved in the unlawful transfer being prohibited from ever holding a medical marijuana business license in the future.

In addition, any medical marijuana business with a pending application to change its ownership or location, or to transfer its license to a new company, will have thirty days from November 1 to submit a transfer application.

Furthermore, once the Oklahoma Medical Marijuana Authority (OMMA) approves the transfer application, the company will have to register with the Oklahoma Bureau of Narcotics and Dangerous Drugs Control (OBN or OBNDD) before the transfer is completed.

Plus, while the new law expressly prohibits new owners from possessing or controlling medical marijuana materials or holding themselves out as new owners until both OMMA and OBN approve the transfer, the new law also expressly authorizes new owners to begin working for the current owner while the transfer process plays out.

Given all this, any business that wants to buy or sell a medical marijuana license or change its ownership or location will need careful guidance by an experienced Oklahoma cannabis attorney.

 If you or your company needs help with these issues, contact Brian Ted Jones, PC today.