(a) The owner of a cannabis business permit shall not transfer ownership or control of the permit to another person or entity unless and until the transferee obtains an amendment to the permit from the City Council stating that the transferee is now the permittee. A change of ownership shall be defined as a change of more than 51% of the original ownership. Failure to comply with this provision is grounds for permit revocation. Such an amendment may be obtained only if the transferee files an application with the City Manager or designee in accordance with all provisions of this chapter, as though the transferee were applying for an original cannabis business permit, accompanied by a transfer fee in an amount set by City Council Resolution, and the City Council determines, after hearing, in accordance with this section that the transferee passed the background check required for permittees and meets all other requirements of this chapter.
(b) Commercial cannabis business permits issued through the grant of a transfer by the City Council shall be valid for a period of one year beginning on the day the City Council approves the transfer of the permit. Before the transferee's permit expires, the transferee shall apply for a renewal permit in the manner required by this chapter.