Alaska’s Out-of-State Investment Amendment on Hold

On Dec. 1, 2015, the Alaska Marijuana Control Board adopted an amendment regarding license conditions for its final marijuana regulations, requiring business license applicants to be full-time residents of the state:

The board will not issue a marijuana establishment license to an individual or a sole proprietorship unless the individual or proprietor is a resident of the state; a partnership unless each partner is a resident of the state; a limited liability company unless the limited liability company is qualified to do business in the state, and each member of the limited liability company is a resident of the state; or a corporation unless the corporation is incorporated or qualified to do business in the state, and each shareholder is a resident of the state.

According to KTUU, the Marijuana Control Board was slated to discuss an out-of-state investment amendment proposed by Brandon Emmett, a member of the board, but that discussion was put on hold because the Department of Law said, “there wasn’t proper public notice to address the issue at the meeting and so no vote could be taken.”

“The whole question of whether or not outside investment would be allowed in Alaska, that’s something we may revisit later, in a few months or a few years,” said Bruce Schulte, chair of the board.

If the Department of Law approves the final regulations as they are now, Lt. Gov. Byron Mallot has until Jan. 24, 2016, to sign them, which would then allow the Marijuana Control Board to begin accepting applications for marijuana business licenses on Feb. 24.

The Marijuana Control Board’s next meeting is in Juneau on Feb. 11.

 

The post Alaska’s Out-of-State Investment Amendment on Hold appeared first on MJI News.