What is a True Party Interest in New York?
True Party of Interest includes, but is not limited to the following:
a: applicant or licensee’s sole proprietor, partner (whether limited or general), member,
manager, president, vice president, secretary, treasurer, officer, board member, trustee, director,
or a person with equivalent title to each of the foregoing;
b: Stockholder of applicant or licensee;
c: each person that makes up the ownership structure of each level of ownership for an
applicant or licensee that has a multilevel ownership structure, including, but not limited to,
subsidiaries, affiliates, parents, shells, and holding companies;
d: person with a right to receive aggregate payments in a calendar year, as part of a risk sharing or services agreement, that exceeds the greater of: 1) 10% of gross revenue, 2) 50% of net profit of a licensee, 3) $100,000 from the licensee in a calendar year;
e) person with a financial interest in the applicant or licensee;
(f) person that has authority to or exercises control over the applicant or licensee;
(g) person that assumes responsibility for the debts of the applicant or licensee; or
(h) spouse of any individual in clause (a) and (b) herein; and
(ii) does not include a person, without limitation who:
- (a) receives payment for rent on a fixed basis under a lease or rental agreement relating to applicant or licensee. The Office may investigate a landlord in situations where a rental payment has been waived or deferred;
- (b) receives a bonus or commission from the applicant or licensee based on the individual’s sales, so long as the commission does not exceed ten percent of the sales of the applicant or licensee in any given bonus or commission period, unless otherwise determined by the Office. Commission-based compensation agreements shall be in writing;
- (c) contracts with the applicant or licensee to receive a commission for the sale of the business or real property;
- (d) consults receiving a flat or hourly rate of compensation from the applicant or licensee under a contractual agreement, unless such compensation exceed the limits set forth in this Chapter;
- (e) is a goods and services contractor, as long as the applicant or licensee retains the right to and controls the business;
- (f) is a financial institution;
- (g) is a financier; or
- (h) others as may be determined by the Office.
How Can Point Seven Group Help?
The team of cannabis consultants and professionals at Point Seven Group have worked extensively in the U.S. and international cannabis markets and are familiar with the unique challenges of the cannabis industry. Follow us on social media to stay up to date with more cannabis industry updates!
- Indiana Cannabis Legalization: 2024 Update
The Midwest has become a bustling hub for cannabis policy and industry, with states like Michigan, Illinois, and Ohio leading the charge in cannabis legalization. However, Indiana’s stance on cannabis remains a topic of significant interest and debate. As we delve into the status of … - Cannabis Expungement and Social Equity: Proven & Failed Concepts
In the realm of cannabis expungement and social equity, examining both proven and failed concepts is crucial for understanding the complexities of justice reform and equity within the cannabis industry. Proven concepts include initiatives such as automatic expungement processes, which streamline the clearance of certain … - Washington Cannabis Expungement & Felonies
Discover comprehensive insights into the Washington cannabis expungement process through these detailed and informative Frequently Asked Questions (FAQ). How did Washington handle expungements for cannabis? Through the Marijuana Justice Initiative, individuals convicted of misdemeanor marijuana possession offenses who were 21 years or older at the …