AZ SB1262

Allows original principal officers or board members with at least 51% ownership of social equity marijuana licenses (issued April 8, 2022) to transfer their license if subject to a predatory agreement or if other specified violations occurred.

Defines "predatory agreement" as any agreement signed before or within 12 months after license issuance that required the original majority owner to sell or transfer ownership for less than minimum fair market value.

Sets "minimum fair market value" as total annual recreational marijuana revenue in tax year 2023 divided by total number of all marijuana establishment licenses.

Requires attorney general approval for license transfers and authorizes the attorney general's office to investigate complaints and take enforcement action against marijuana facility agents who entered into predatory agreements.

Requires affirmative vote of at least three-fourths of each house of the legislature for the bill's enactment per Arizona Constitution requirements.