Board Rule 21 NCAC 46.1603 provides: 
A new pharmacy, device, or medical equipment permit is required for a new location, if there is a change to a different or successor business entity, or a change resulting in a different person or entity owning more than 50 percent interest in the permit holder, or any entity in the chain of ownership above the permit holder, except as provided in 21 NCAC 46 .1604 of this Section.  A new permit is required if there is a change in the authority to control or designate a majority of the members or board of directors of a nonprofit corporation holding a pharmacy permit or any nonprofit corporation in the chain of ownership above the permit holder.

This means, if a change of ownership requiring a new permit occurs – and the pharmacy has not obtained the new permit by the effective date of the transfer of ownership – the previous permit becomes void (i.e. no longer active) as of the effective date of the transfer of ownership.

Any permit subsequently acquired would not operate retroactively. It will operate from the date of issue forward.  That means that an untimely transfer of ownership would result in a pharmacy operating without a permit for a period of time, which could result in Board action for unlicensed practice of pharmacy and other collateral consequences.

Transfer of ownership permit applicants must note that a new owner of a pharmacy may not operate using an old permit under a "power of attorney" or similar. 

To facilitate an orderly transfer, permit applications must be filed well in advance (6-8 weeks) of the planned transaction   And, of course, permit applications proceed most quickly when they are complete, correct, and the applicant pharmacist-manager responds quickly to requests for information from Board staff. The applicant pharmacist-manager needs to monitor the permit application status and keep Board staff apprised of any changes to the transaction date. Failure to do these things can lead to significant delays in permit review and, as noted above, transferring ownership prior to a new permit’s issuance voids the existing permit.