CCB approves multiple transfers of interest, imposes a tax-status check for one deal and approves Taproot security interest

The Cannabis Compliance Board approved multiple transfers of interest and a security-interest filing at its Sept. 18 meeting while attaching an explicit follow-up check for one transaction that drew concern over outstanding tax liabilities.

Anacol LLC: The board approved a transfer of a 20% ownership interest in Anacol LLC (TOI no. 25003) from Bernard Garth to Bridal Gilliland. David Staley told the board no areas of concern were developed in connection with the investigation; the board voted to approve the transfer.

Indoor Garden Farms -> Sunday Co LLC: The board approved TOI application 25000008 for Indoor Garden Farms LLC to sell its Carson City cultivation and production licenses to Sunday Co LLC, which had operated the facility under a management services agreement. The board’s investigator, David Staley, reported an “area of concern” because one proposed principal, Matt Price, has outstanding state and federal tax liabilities from prior Oregon operations. Staley said the cumulative outstanding amount was approximately $920,000. Price and counsel told the board he has payment plans in place and has been working to reinstate filings. After discussion, the board approved the transfer and attached a condition: staff will return a status check in about one year to confirm the licensee’s tax status and other compliance matters; the motion included that approval remains but the board will monitor outstanding tax liabilities known at the time of the vote.

Taproot Holdings NV LLC: The board approved an internal restructuring and the addition of two new members (TOI no. 25000101A) and granted a limited waiver of NAC 5.11 for transfers of less than 5%, with the waiver set to expire at Taproot’s next TOI agenda date. The board separately approved a proposed security interest: Taproot requested approval for a security interest held by Rock Real Estate LLC (Kay Nicole Asarch) arising from a conditional convertible promissory note; investigators found no areas of concern and the board approved the security interest.

Board staff and counsel repeatedly reminded the board that approvals of transfers and security interests are subject to any additional conditions in statute and that some matters (for example, 5.11 waiver expirations) will return to the board at a later date for review.