Every license approved or issued under this Article shall be subject to the future exercise of the reserved rights of referendum and initiative, exercise of the local option described in Section 16(5)(f) of Article XVIII of the Colorado State Constitution, and any other future ordinances adopted by a vote of the people of the Town of Telluride or Town Council. Nothing contained in this Article grants to any licensee any vested right to continue operating under the provisions of this Article as they existed at the time the license was approved or issued, and every license shall be subject to any ordinance or prohibition adopted after the license was approved or issued. In the event that the people of the Town of Telluride, by a majority of the registered electors of the Town, at a regular or special election, or a majority of Town Council, vote to prohibit by ordinance the licensing and operation of retail marijuana stores, within the Town of Telluride, pursuant to Section 16(5)(f) of Article XVIII of the Colorado State Constitution, then every license issued or approved under this Article, which is prohibited under such ordinance, shall be deemed void and the operation of any retail marijuana store or marijuana testing facility or a marijuana product manufacturing facility prohibited under the ordinance shall become illegal on the effective date of the ordinance. Every license issued under this Article confers only a limited and conditional privilege subject to the requirements, conditions, limitations, and qualifications of this Article and state law. The license does not confer a property right of any kind. The license and the privilege created by the license may be further regulated, limited, or completely extinguished at the discretion of Town Council or the electorate of the Town, as provided in this Article and consistent with state law, without any compensation to the licensee. (Ord. 1394, 2013; Ord. 1407, 2014; Ord. 1463 §5, 2018. Formerly 6-6-107(c)(viii) through 6-6-107(c)(ix))