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410 ILCS 705/20-55
(410 ILCS 705/20-55)
Disclosure of ownership and control.
(a) Each Adult Use Cultivation Center applicant and license holder shall file and maintain a Table of Organization, Ownership, and Control with the Department. The Table of Organization, Ownership, and Control shall contain the information required by this Section in sufficient detail to identify all owners, directors, and principal officers, and the title of each principal officer or business entity that, through direct or indirect means, manages, owns, or controls the applicant or license holder.
(b) The Table of Organization, Ownership, and Control shall identify the following information:
(1) The management structure, ownership, and
control of the applicant or license holder including the name of each principal officer or business entity, the office or position held, and the percentage ownership interest, if any. If the business entity has a parent company, the name of each owner, board member, and officer of the parent company and his or her percentage ownership interest in the parent company and the Adult Use Cultivation Center.
(2) If the applicant or licensee is a business
entity with publicly traded stock, the identification of ownership shall be provided as required in subsection (c).
(c) If a business entity identified in subsection (b) is a publicly traded company, the following information shall be provided in the Table of Organization, Ownership, and Control:
(1) The name and percentage of ownership interest
of each individual or business entity with ownership of more than 5% of the voting shares of the entity, to the extent such information is known or contained in 13D or 13G Securities and Exchange Commission filings.
(2) To the extent known, the names and percentage
of interest of ownership of persons who are relatives of one another and who together exercise control over or own more than 10% of the voting shares of the entity.
(d) An Adult Use Cultivation Center with a parent company or companies, or partially owned or controlled by another entity must disclose to the Department the relationship and all owners, board members, officers, or individuals with control or management of those entities. An Adult Use Cultivation Center shall not shield its ownership or control from the Department.
(e) All principal officers must submit a complete online application with the Department within 14 days of the Adult Use Cultivation Center being licensed by the Department or within 14 days of Department notice of approval as a new principal officer.
(f) A principal officer may not allow his or her registration to expire.
(g) An Adult Use Cultivation Center separating with a principal officer must do so under this Act. The principal officer must communicate the separation to the Department within 5 business days.
(h) A principal officer not in compliance with the requirements of this Act shall be removed from his or her position with the Adult Use Cultivation Center or shall otherwise terminate his or her affiliation. Failure to do so may subject the Adult Use Cultivation Center to discipline, suspension, or revocation of its license by the Department.
(i) It is the responsibility of the Adult Use Cultivation Center and its principal officers to promptly notify the Department of any change of the principal place of business address, hours of operation, change in ownership or control, or a change of the Adult Use Cultivation Center's primary or secondary contact information. Any changes must be made to the Department in writing.
(Source: P.A. 102-98, eff. 7-15-21.)