CRC definition
Examples of CRC in a sentence
The Parties acknowledge and understand that following the Closing the Company shall be submitting a new application to the CRC for a license to operate a Class 5 Cannabis Retail dispensary at the Property and in accordance therewith, Seller agrees to provide any and all reasonable assistance and access to information necessary for such an application submission.
Seller covenants that within one (1) Business Day following the Effective Date, Seller shall cause the Company to withdraw its current application for a Retailer License from the CRC.
The Seller Option may be exercised at any time within ninety (90) days of its receipt of notice of the CRC Denial by delivering to Buyer an Option Exercise notice in the form attached hereto as Exhibit D, provided that if the Seller fails to exercise the Seller Option within such ninety (90) day period, the Seller shall forfeit its ability to exercise the Seller Option.
If the Company receives the CRC Approval, the Buyer shall pay Seller an additional aggregate One million dollars ($1,000,000.00) (the “Contingent Consideration” and collectively with the Closing Date Consideration, the “Purchase Price”).
No party will have any right of rescission or amendment arising out of or relating to any non-compliance with U.S. Federal Cannabis Laws unless such non-compliance also constitutes a violation of applicable state law as determined in accordance with the cannabis Laws of the State of New Jersey or by the guidance or instruction of the CRC.