Avoiding Disqualification: Conditions under which the Board may refuse to grant licenses
In a fairly straight forward affair Virginia’s new cannabis law signals a few noteworthy disqualifications for potential applicants to be wary of. Below are the areas where the board may say no to an applicant and a discussion for some of the more intriguing ones.
First we need to know who is an “applicant”
The law views potential applicants as fitting under a wide variety of different types:
Anyone or anything fitting under one of the defined applicant categories will be scrutinized by the board, so any businesses looking to apply should take stock in whether or not they or any of their listed associates may lead to a disqualification.
The board may disqualify any applicant who
Though there are no requirements for an applicant to have secured any properties prior to the final stage of the application process, the board nonetheless may also disqualify an applicant if “the place to be occupied by the applicant”
Catch All Disqualification Language
The bottom line here for potential applicants, 1) know who on your team can get you disqualified and have a mitigation plan, 2) get your financial affairs in order and have the clear capital plan to establish a successful cannabis business, 3) make sure everything in your application is accurate and honest.
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