A cannabis license granted under this title is not transferable except as provided in this section. To transfer ownership or control of a license issued under this title, a licensee: shall submit to the Administration: an application fee in an amount to be determined by the Administration in accordance with this subtitle; and an application developed by the Administration; and must meet the requirements for transfer of ownership or control established by the Administration under this title. A cannabis licensee, including a cannabis licensee whose license was converted in accordance with § 36–401 of this title, may not transfer ownership or control of the license for a period of at least 5 years following licensure. The 5–year period specified in paragraph (1) of this subsection does not include the time period that a business is considered by the Administration to be in a preapproved licensure status. The limitations under this subsection do not apply to: transfers as a result of the disability, incapacity, or death of the owner of a cannabis license, bankruptcy or receivership in accordance with a lending agreement of a cannabis licensee, or court order; or the sale of a cannabis licensee to the licensee’s employees through an employee stock ownership plan as defined in § 407(d)(6)(A) of the Employee Retirement Income Security Act of 1974. The limitations under this subsection do not apply to a transfer of ownership that is the subject of a legally binding settlement agreement resulting from litigation commenced on or before January 1, 2023.