Owners
Sell a licensed business
Confidential process, buyer eligibility pre-screen, and an approval-aware timeline. We do not market a license as if it were a sandwich shop.
Nationwide · licensed businesses only
A broker for the license, the approval, and the after-tax cash.
HedgeStone Business Advisors represents owners who want to sell a state-licensed cannabis business and operators who want to buy one. Deals close only after the regulator approves the ownership change. There is no listing form on this site — only a confidential intro call.
Federal and state law current as of September 2026 — verify with counsel.
Operators & capital
Buy a licensed business
Buybox intake, off-market sourcing, METRC-style revenue checks, and capital that is not SBA. Eligibility first, then price.
License types we transact
Every page on this site names the license or business model it discusses. Plant-touching and hemp are not the same federal object.
Retail / dispensary
Adult-use, medical, and dual store licenses. Local control and basket economics drive price.
Cultivation
Indoor, greenhouse, outdoor, and tiered canopy. Cost per pound versus wholesale is the underwriting test.
Manufacturing
Infused products, concentrates, and extraction. Equipment, residual solvent, and brand contracts matter.
Distribution & transport
Wholesale movement licenses. Thin margins, high compliance, and route density.
Delivery
Last-mile licenses where permitted. Radius, inventory rules, and municipal bans decide value.
Testing laboratories
ISO labs. Capacity, turnaround, and regulator standing — not retail multiples.
Microbusiness
Capped vertical licenses. Transfer and canopy rules are state-specific.
Vertically integrated
Multi-license stacks. Cap tables, related-party sales, and 280E allocation get messy.
Consumption lounges
On-site consumption where a state and city both allow it. Thin set of transferable assets.
Hemp & CBD
Federally distinct. The November 2026 hemp redefinition changes what can be sold.
Ancillary
Packaging, software, security, staffing, and real estate. Overlapping buyers, different federal risk.
Compliance-first process
01
Intro call
Twenty minutes. License type, state, tax posture, and whether a transfer is even allowed.
02
Valuation
Normalized cash flow after 280E (or after medical Schedule III relief), license scarcity, and lease control.
03
Confidential marketing
Blind teaser, NDA, eligibility screen for residency, ownership caps, and background.
04
LOI to approval
Regulatory-approval contingencies, escrow, and no control transfer before the agency says so.
05
Close
Staged closing around change-of-ownership approval, tax holdbacks, and inventory cutover.
Who Jason Taken is
Jason Taken is a business broker with HedgeStone Business Advisors. The firm works nationwide, across dozens of verticals, with a finance and lending background. He is not an attorney and not a licensed cannabis operator. No invented credentials live on this site.
What this site will not do
- No fabricated listings or testimonials.
- No product, dosing, or consumption content.
- No promise of price, timing, license approval, or financing.
- No control transfer before regulatory approval.
State-by-state transfer rules
Every state has its own page covering the regulator, transfer rules, license caps, taxes, and local control. States without a licensed market say so plainly.
Adult-use
California
A California cannabis licence cannot be transferred or assigned.
Adult-use
Colorado
Colorado cannabis licences are not sold like property.
Adult-use
Illinois
Illinois is a capped adult-use market split between two regulators: IDFPR licenses dispensaries, and the Department of Agriculture licenses cultivation centers, craft growers, infusers, and transporters.
Adult-use
Michigan
Michigan is an open-licence adult-use market regulated by the Cannabis Regulatory Agency.
Adult-use
New York
A New York cannabis license cannot be sold on its own.
Medical
Florida
Florida licenses only medical cannabis, through vertically integrated medical marijuana treatment centers.
Adult-use
Massachusetts
A Massachusetts cannabis business is sold by getting Cannabis Control Commission approval for the new owners, not by moving the license.
Adult-use
Washington
In Washington State, a cannabis business is sold by changing the true parties of interest in the licensed entity, and the Liquor and Cannabis Board must approve every new owner, officer, stockholder, and financier before the change.
Start with the pages operators actually use
Valuation
280E framing, license-value floors, and license-type tables.
Federal law
Schedule split after April 2026, 280E, banking, hemp redefinition.
Transfer rules
Approval thresholds, social-equity holdbacks, local control.
Guides
Sell, buy, 280E financials, rescheduling, and multi-state platforms.
Calculators
Illustrative valuation, 280E, cost per pound, and seller-note math.
FAQ
Transfer clocks, social-equity holdbacks, bankruptcy gap, and broker fees.