SB1262 is a bill that allows the transfer of a marijuana establishment social equity ownership license under specific conditions. It permits a principal officer or board member with a majority ownership of an entity holding such a license to transfer it to any entity of their choice if they have been subject to a predatory agreement or if other specified violations occurred by minority interest holders at the time of the license application. The bill outlines enforcement actions that can be taken against those who enter into predatory agreements to control a social equity license, including actions by the Attorney General's Office and the Department of Health Services at license renewal times.

The bill also defines "minimum fair market value" and "predatory agreement" for the purposes of these transfers and enforcement actions. It includes a severability clause and stipulates that for enactment, it requires an affirmative vote of at least three-fourths of the members of each house of the Legislature, as per Proposition 105. The bill's provisions would become effective on the general effective date.

Statutes affected:
Introduced Version: 36-2866
Senate Engrossed Version: 36-2866