You are correct. They don't have the 55% yet as no shares have...

You are correct. They don't have the 55% yet as no shares have been issued, they just have an agreement. The hold up is approval from the ASX that MCL and the owners are legit. QBL has submitted their legal opinion that it is, ASX is checking them out. It's probably a given and I think already factored in to QBL SP as it was 0.6 cents before the announcement regarding the acquisition. The grant of a medical cannabis licence has nothing to do with the 55% interest in MCL. The grant of this licence simply triggers an additional 50M performance shares issued to AK & Co.

If/when MCL goes to IPO it will most likely be like any other new listing. The owners/vendors will sort out what they want for their relative interests. That is, QBL and AK & Co. This would likely be shares in the new company (mostly you would hope) but also cash, seats on the new BOD etc. This is all subject to a successful IPO of course. Some seed capital stumped up might also result in cheap shares. What's left will be offered to you shareholders and other punters. How much stock and at what price? Who knows..
My opinion DYOR