This regulation applies to each licensee required to pay a conversion fee under Alcoholic Beverages and Cannabis Article, §36-403, Annotated Code of Maryland. The conversion fee shall be based on the gross revenue of a licensee and calculated by the Administration using the State’s seed-to-sale tracking system for calendar year 2022. Licensees choosing to convert their license shall, on or before July 1, 2023: Pay the conversion fee as calculated by the Administration in full; or Enter into a payment plan with the Administration. The payment plan under §C(2) of this regulation shall establish: The conversion fee as calculated by Administration; The exact payment amount required under each payment installment; and Payment due dates as directed by the Administration for four equal payment installments over an 18-month period. On or before January 1, 2025, a licensee shall pay the installment payment in full in accordance with §D of this regulation. A licensee that does not meet a payment deadline is subject to: An administrative hold on their ability to transfer cannabis or cannabis products to another licensee or distribute or dispense cannabis or cannabis products to a qualifying patient, registered caregiver, or consumer until payment is remitted to the Administration; A fine of up to $5,000 for each day past the deadline that the payment is not received; and After a period of 30 days, license suspension or revocation. A converted license shall be valid for a period of 5 years, beginning on July 1, 2023. A converted license is not transferrable prior to July 1, 2028, except as provided under Alcoholic Beverages and Cannabis Article, §36-503, Annotated Code of Maryland.