[Maryland Cannabis Administration (MCA)] Application for Receiver Eligibility

Application for Receiver Eligibility

Qualifications of Elibility

In Maryland, the Receivership Act expressly provides that the “person seeking appointment of a receiver may nominate a person to serve as receiver” (Md. Code Ann., Com. Law § 24-203(d)(1)).

The individual nominated may not:

Have any affiliation to the secured creditor party or cannabis entity
Hold a material interest in the secured creditor party or cannabis entity, either directly or indirectly
Have a material financial interest in the outcome of the action
Have a debtor-creditor relationship with any party involved
Hold an equity interest in the cannabis license
Within two years of receivership, was employed or awarded any interest in the cannabis entity
Have been convicted of a felony or other crime involving moral turpitude.
Have been found liable of fraud, breach of fiduciary duty, theft, or similar misconduct.

When considering the above criteria, please initial to confirm that are you eligible to serve as a receiver for a cannabis license in Maryland.

Please upload an attachment that establishes the your qualifications and ability to oversee the orderly disposition of the secured license in a manner that facilitates continuity of the licensee’s operations to the extent possible.

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Use the space below to list all owners and principal officers of the receivership entity.

Use this space to upload supporting documentation for the receivership entity, including: (a) Certificate of incorporation; (b) Bylaws; (c) Articles of organization; (d) Operating agreements; (e) Certificate of limited partnership; (f) Resolution of a board of directors; or (g) Other similar business formation documents;

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Use this space to upload supporting documentation for the receivership entity establishing that the individual or entity is eligible to do business in Maryland throughout the term of the receivership

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Consent of Creditor

Elligible recievers are to be selected by the creditor for the license. If you have been selected by a secured creditor that has already been approved by the MCA, please identify the creditor below.

Name of Secured Creditor

Phone Number

As part of the application for recievership, the MCA may contact you to provide additional information. This may include, but is not limited to:

Criminal history record information demonstrating that the applicant for receivership does not have any disqualifying criminal conviction applicable to licensees under COMAR 14.17;
Financial records, including a record of tax payments in all jurisdictions in which an applicant has operated a business for the 3 years before the filing of the application;
An affidavit confirming that the applicant does not have a financial or ownership interest in any licensee in Maryland; and
A disposition of license plan, subject to Administration approval, which includes:
- A detailed description of the plan for the orderly disposition of the license and associated business assets to satisfy the security interest in the right to the proceeds from the sale of the license; and
- A proposed timeline for the orderly disposition of the license of the associated licensee.

The MCA may take up to 30 business days to conduct an initial review of your application and request any subsequent material.

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Last Name

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I agree to electronically sign and to create a legally binding contract between the other party and myself, or the entity I am authorized to represent.