Statute 678b 380

1. Except as otherwise provided by regulations adopted by the Board pursuant to subsection 2, the following are nontransferable: (a) A cannabis establishment agent registration card. (b) A cannabis establishment agent registration card for a cannabis executive. (c) A cannabis establishment agent registration card for a cannabis receiver. (d) A medical cannabis establishment license. (e) An adult-use cannabis establishment license. 2. The Board shall adopt regulations which prescribe procedures and requirements by which a holder of: (a) A license may transfer the license to another party who is qualified to hold such a license pursuant to the provisions of this chapter. (b) An ownership interest in a cannabis establishment may transfer all or any portion of the ownership interest to another party who is qualified to hold an ownership interest in a cannabis establishment pursuant to the provisions of this chapter. 3. The regulations adopted pursuant to subsection 2 may give priority in the processing of transfers of licenses to a transfer in which the transferor is: (a) Subject to a receivership; (b) Involved in a recapitalization; or (c) A party to a court proceeding involving

in the processing of transfers of licenses to a transfer in which the transferor is: (a) Subject to a receivership; (b) Involved in a recapitalization; or (c) A party to a court proceeding involving financial distress. 4. The regulations adopted pursuant to subsection 2 must: (a) Prohibit the holder of an adult-use cannabis establishment license for an independent cannabis consumption lounge from transferring the license until at least 2 years from the date on which the independent cannabis consumption lounge for which the license was issued became operational; (b) Require the holder of an adult-use cannabis establishment license for an independent cannabis consumption lounge who wishes to cease operations before the independent cannabis consumption lounge for which the license was issued has been operational for at least 2 years to surrender the license to the Board; and (c) Require the Board to hold a license surrendered pursuant to paragraph (b) in reserve for issuance to an applicant for such a license in the future. (Added to NRS by 2019, 3805; A 2021, 2147, 2365; 2023, 2717)