A. A City License is valid only as to the City Licensee. No City Licensee is allowed to sell, transfer, pledge, assign, grant an option, or otherwise dispose of (“Transfer”) its City License to any Person except pursuant to the terms of this section. Except as permitted, any such Transfer or attempted Transfer shall be deemed to constitute a voluntary surrender of the City License and such City License shall thereafter be null and void, except as set forth in this Chapter.

B. A City Licensee may Transfer less than 50 percent Ownership or control of a City License with prior written approval of the City Manager after submission of all required application materials, payment of applicable fees as set by resolution of City Council, and a determination that the Applicants meet the requirements of this Chapter such as to be entitled to the issuance of an original City License.

C. A City Licensee may change the form of business entity without applying to the City Manager for a new City License, if the Ownership of the new business entity is the same as the original City Licensee business entity. Although a new City License is not required, the City Licensee shall notify the City in writing of the change within 30 days of the change, and obtain an amendment to the original City License after paying the applicable fee set by resolution of the City Council.

D. A City Licensee may change the name of the business entity without applying to the City Manager for a new City License. Although a new City License is not required, the City Licensee shall notify the City in writing of the change at least 30 days prior to the change, and obtain an amendment to the original City License after paying the applicable fee set by resolution of the City Council.

E. No City Licensee shall be allowed to Transfer all or any portion of its City License prior to 12 months after the City Licensee has opened and continuously operated its Commercial Cannabis Business authorized thereunder.

F. No City Licensee shall operate, conduct, manage, engage in, or carry on the business of a Commercial Cannabis Business under any name other than the name of the Commercial Cannabis Business specified in the City License.

G. No City Licensee may avail themselves of the provisions of this Section if the City Manager has notified the City Licensee that the City License has been or may be suspended, revoked, or not renewed.

H. For purposes of this section, the Transfer of all or any portion of a licensed Commercial Cannabis Business shall constitute the Transfer of the underlying City License.

I. Failure to comply with this section constitutes grounds for suspension or revocation of a City License. (Ord. 3418 § 2, 2018).