For owners
Broker vs marketplace vs FSBO
Federal and state law current as of September 2026 — verify with counsel.
Key takeaways
- As of September 2026, medical marijuana is Schedule III; adult-use remains Schedule I (Federal Register 2026-08176 and pending hearing).
- 280E still hits adult-use SG&A; medical books may take ordinary deductions — apportion dual licenses.
- SBA loans are unavailable for plant-touching targets (SOP 50 10 8).
- Deals close on regulatory approval; control does not move early.
- Single-store commentary multiples of about 3x–6x EBITDA are trade ranges, not appraisals (2025–2026 commentary).
Broker vs marketplace vs FSBO is a side-by-side underwriting choice. The wrong column is how buyers overpay and sellers wait a year. This page is written for owners and for more than one license class. It is not legal or tax advice.
Broker vs marketplace vs FSBO still lives under two federal clocks. Medical activity generally left 280E after the April 2026 order. Adult-use activity did not. SBA SOP 50 10 8 still bars plant-touching 7(a) and 504 loans. SAFE Banking Act of 2026, S.4942 is a bill, not a close condition. Banks that stay in the category still cite FinCEN FIN-2014-G001.
| Topic | Working rule (verify, September 2026) |
|---|---|
| Audience | owners |
| License lens | more than one license class |
| Contrast markets | Arizona / Oregon / New York |
| SBA | Unavailable for plant-touching (SOP 50 10 8) |
| Hemp clock | P.L. 119-37 redefinition 12 November 2026 |
| Commentary multiple (not an appraisal) | 5x–53x normalized earnings |
Partner and dispute uses of Broker vs marketplace vs FSBO — what belongs on Broker vs marketplace vs FSBO?
Buyouts and shareholder fights still need a method, not a slogan. Label ranges. Do not pretend a liquor-store rule prices Broker vs marketplace vs FSBO.
Inventory and biomass on Broker vs marketplace vs FSBO — why does this change Broker vs marketplace vs FSBO?
What is on the floor at close has to match the state system. Failed tests and unsold canopy are price, not atmosphere. Count it.
Real estate attached to Broker vs marketplace vs FSBO — what should you verify for Broker vs marketplace vs FSBO?
The building can be the deal or the trap. No cannabis-use clause means Broker vs marketplace vs FSBO cannot operate after assignment. Sale-leasebacks are capital, not magic.
Social-equity paper inside Broker vs marketplace vs FSBO — why does this change Broker vs marketplace vs FSBO?
Eligible-transferee rules and holding periods are deal terms. Broker vs marketplace vs FSBO that ignores them is a letter, not a close. See social-equity locks.
Distressed paths near Broker vs marketplace vs FSBO — why does this change Broker vs marketplace vs FSBO?
Receiverships and ABCs exist because chapter 7 and 11 are generally closed to domestic plant-touching debtors. If Broker vs marketplace vs FSBO is already in a fiduciary process, price the claims, not last year’s CIM.
The first cut on Broker vs marketplace vs FSBO — what should you verify for Broker vs marketplace vs FSBO?
Broker vs marketplace vs FSBO is decided before a teaser goes out. owners who start with a hoped-for multiple skip whether the paper can move. Arizona and Oregon do not share a packet. more than one license class is the lens.
Records that prove Broker vs marketplace vs FSBO — what breaks Broker vs marketplace vs FSBO?
Rebuild Broker vs marketplace vs FSBO from track-and-trace, tax filings, the lease cannabis-use clause, and a cap table that matches the application. A vanity P&L is a brochure. Buyers spend after-tax cash.
Arizona habits that fail on Broker vs marketplace vs FSBO — what belongs on Broker vs marketplace vs FSBO?
Copying a Arizona habit into Oregon is how Broker vs marketplace vs FSBO dies in review. New York is the third check. Published locks (Maryland converted control through 1 July 2028; New Jersey majority changes; California non-assignment) only apply if the premises sit there.
Cash after tax on Broker vs marketplace vs FSBO — what breaks Broker vs marketplace vs FSBO?
Illustrative only: $247,000 of pre-280E earnings can shrink hard on an adult-use book. Medical Schedule III relief after 28 April 2026 is a slice, not a slogan. Dual shops apportion. IRC §280E is the citation.
Capital that will not appear on Broker vs marketplace vs FSBO — why does this change Broker vs marketplace vs FSBO?
SBA SOP 50 10 8 still bars plant-touching 7(a) and 504. SAFE Banking Act of 2026, S.4942 is not a close condition. Broker vs marketplace vs FSBO is funded with seller paper, private credit, cash, or a sale-leaseback — or it is not funded.
Local authorization inside Broker vs marketplace vs FSBO — what belongs on Broker vs marketplace vs FSBO?
A state yes with a city no is a failed Broker vs marketplace vs FSBO. Opt-out, buffers, and CUPs are the site. Read local control before anyone argues price.
People the agency will map on Broker vs marketplace vs FSBO — what breaks Broker vs marketplace vs FSBO?
True parties of interest include more than the 51% owner. Silent lenders and handshake managers show up on Broker vs marketplace vs FSBO whether the CIM mentions them or not.
Confidentiality rules for Broker vs marketplace vs FSBO — what breaks Broker vs marketplace vs FSBO?
Broker vs marketplace vs FSBO is not a Facebook post. Use a blind teaser and an NDA. Employees and landlords in Arizona find out on a planned day.
Holdbacks that belong on Broker vs marketplace vs FSBO — how should you read this on Broker vs marketplace vs FSBO?
Tax, inventory, and compliance residuals sit in escrow or a holdback. Broker vs marketplace vs FSBO that closes “clean” with open city tax is a gift to the buyer’s counsel.
Cited sources that govern Broker vs marketplace vs FSBO: IRC §280E still disallows ordinary deductions on Schedule I trafficking, which is why adult-use books stay in 280E. FinCEN FIN-2014-G001 remains the SAR frame banks actually use. SBA SOP 50 10 8 keeps plant-touching targets out of 7(a) and 504, including medical. SAFE Banking Act of 2026, S.4942 and H.R.9471 were introduced in 2026 and are not law.
What to bring to the intro call — why does this change Broker vs marketplace vs FSBO?
Book twenty minutes with Jason Taken at HedgeStone Business Advisors. For Broker vs marketplace vs FSBO, bring the license class, the state, the local authorization status, and whether a buyer or target is already in the room. There is no form on this site and no invented listing book. He is a business broker, not an attorney and not a licensed cannabis operator.
Related pages for Broker vs marketplace vs FSBO — why does this change Broker vs marketplace vs FSBO?
Read buy vs apply next if that file is open on Broker vs marketplace vs FSBO. consideration types is the companion page when Broker vs marketplace vs FSBO needs that angle. Keep sell in the working set for Broker vs marketplace vs FSBO. Read buy next if that file is open on Broker vs marketplace vs FSBO. valuation is the companion page when Broker vs marketplace vs FSBO needs that angle. Keep retail vs cultivation in the working set for Broker vs marketplace vs FSBO. Read MSO vs private next if that file is open on Broker vs marketplace vs FSBO. plant-touching vs ancillary is the companion page when Broker vs marketplace vs FSBO needs that angle.
Summary on Broker vs marketplace vs FSBO — what breaks Broker vs marketplace vs FSBO?
Broker vs marketplace vs FSBO turns on approval, after-tax cash, and the license class. Federal law current as of September 2026 is a schedule split, not a green light. Verify every rate, cap, and clock with counsel.
Which public sources belong on this file?
Keep IRS marijuana industry page, eCFR CSA schedules, USDA hemp production, USCIS Policy Manual in the working set. A forum post is not a substitute.
How should you underwrite Broker vs marketplace vs FSBO?
Broker vs marketplace vs FSBO has to screen as a license-and-tax file. In Illinois, scarcity can dominate. In Minnesota, paper value can be near zero. Cited sources that govern Broker vs marketplace vs FSBO: SBA SOP 50 10 8 keeps plant-touching targets out of 7(a) and 504, including medical. SAFE Banking Act of 2026, S.4942 and H.R.9471 were introduced in 2026 and are not law. Hemp SKUs must be read against CRS IN12620 on the 2026 hemp definition and CRS IF13136; the redefinition date is 12 November 2026. Federal Register 2026-08176 is the April 2026 medical / FDA-approved marijuana Schedule III order.
| Check | Illinois | Minnesota |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
Frequently asked questions
What should you prepare first?
License class, local authorization, twelve months of track-and-trace, tax clearance, lease cannabis consent, and a cap table that matches the application. Price comes later. That order is how we open Broker vs marketplace vs FSBO.
Does 280E still apply after April 2026?
Adult-use activity stayed Schedule I as of September 2026, so ordinary deductions still fail. Qualifying medical activity moved to Schedule III on 28 April 2026. Dual shops apportion. Read Broker vs marketplace vs FSBO against that split, including a Colorado fact pattern. Confirm with a CPA.
Is SAFE Banking a close condition?
No. [SAFE Banking Act of 2026, S.4942](https://www.congress.gov/bill/119th-congress/senate-bill/4942) and [H.R.9471](https://www.congress.gov/bill/119th-congress/house-bill/9471) were introduced, not enacted. Do not underwrite Broker vs marketplace vs FSBO on passage.
How long can a license transfer take?
Published clocks vary by state and completeness. Treat 60–180+ days after a complete packet as a broker range unless the agency publishes a deadline. Colorado and Connecticut do not share a clock on Broker vs marketplace vs FSBO.
Can control move before approval?
Not if you want to keep the license. Stage closing and keep any MSA inside what the statute allows. Broker vs marketplace vs FSBO is still an agency event.
Will SBA finance a plant-touching purchase?
No. [SBA SOP 50 10 8](https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs) treats plant-touching marijuana businesses as ineligible for 7(a) and 504, including medical. Broker vs marketplace vs FSBO needs another stack.
Sources
- Congress.gov S.4942 — SAFE Banking Act of 2026 (introduced, not enacted) — https://www.congress.gov/bill/119th-congress/senate-bill/4942
- Congress.gov H.R.9471 — companion SAFE Banking bill — https://www.congress.gov/bill/119th-congress/house-bill/9471
- CRS IF13136 / IN12620 — hemp definition change effective 12 November 2026 (P.L. 119-37) — https://www.congress.gov/crs-product/IN12620
- IRC §280E — https://www.law.cornell.edu/uscode/text/26/280E
- Viridian Capital public commentary — Tier 1 U.S. MSO EV/EBITDA ~4.16x (2025 consensus)
- IRS marijuana industry — https://www.irs.gov/businesses/small-businesses-self-employed/marijuana-industry
- eCFR 21 CFR chapter II — https://www.ecfr.gov/current/title-21/chapter-II
- USDA AMS hemp production — https://www.ams.usda.gov/rules-regulations/hemp
- Federal Register 2026-08176 (28 April 2026) — medical / FDA-approved marijuana to Schedule III — https://www.federalregister.gov/d/2026-08176
- FinCEN FIN-2014-G001 — BSA expectations for marijuana-related businesses — https://www.fincen.gov/resources/statutes-regulations/guidance/bsa-expectations-regarding-marijuana-related-businesses
- SBA SOP 50 10 8 (effective 1 June 2025) — marijuana ineligibility — https://www.sba.gov/document/sop-50-10-lender-development-company-loan-programs