For both sides
Contact
Federal and state law current as of September 2026 — verify with counsel.
Key takeaways
- Email jason.taken@hedgestone.com or book the intro call. No phone or street address is published here.
- The only CTA is the on-site intro call at /book.
- Federal schedule split as of April 2026 changes medical 280E, not adult-use.
- No guarantees of price, timing, approval, or financing.
- State transfer rules are not interchangeable.
Contact is the file this page underwrites. Email jason.taken@hedgestone.com or book the intro call. No phone or street address is published here. Federal and state law current as of September 2026 — verify with counsel. This is educational, not a guarantee of price, timing, approval, or financing.
How to reach the firm — what should you verify for Contact?
Jason Taken · jason.taken@hedgestone.com · HedgeStone Business Advisors. The calendar is the intro call. There is no web form and no popup. Do not expect a phone number or a walk-in address on this website.
Contact does not create interstate adult-use commerce, SBA eligibility, or a USCIS safe harbor. Chapter 7 and 11 remain generally closed to domestic plant-touching debtors. Hemp is CRS IF13136 plus the 12 November 2026 effective date. Price the file that exists.
| Topic | Working rule (verify, September 2026) |
|---|---|
| Service | Confidential cannabis business brokerage |
| Firm | HedgeStone Business Advisors |
| Broker | Jason Taken |
| CTA | On-site /book intro call only |
| Law line | September 2026 — verify with counsel |
How contact fits the rest of the site — what belongs on Contact?
Use federal law, 280E, and transfer rules before you argue about a multiple. State and city pages exist so nobody treats California like Oklahoma.
Cited sources that govern Contact: 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. 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.
What to bring to the intro call — how should you read this on Contact?
Book twenty minutes with Jason Taken at HedgeStone Business Advisors. For Contact, 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 Contact — what belongs on Contact?
Read Jason Taken next if that file is open on Contact. cannabis valuation is the companion page when Contact needs that angle. Keep state transfer rules in the working set for Contact. Read contact next if that file is open on Contact. how a cannabis sale works is the companion page when Contact needs that angle. Keep sell a licensed cannabis business in the working set for Contact. Read federal cannabis law next if that file is open on Contact. why a specialist broker is the companion page when Contact needs that angle.
Contact is the intake page for owners and buyers who need a confidential, approval-aware process. This page is written for owners and buyers and for more than one license class. It is not legal or tax advice. Federal and state law current as of September 2026 — verify with counsel.
Contact does not create interstate adult-use commerce, SBA eligibility, or a USCIS safe harbor. Chapter 7 and 11 remain generally closed to domestic plant-touching debtors. Hemp is CRS IF13136 plus the 12 November 2026 effective date. Price the file that exists.
| Topic | Working rule (verify, September 2026) |
|---|---|
| Audience | owners and buyers |
| License lens | more than one license class |
| Contrast markets | New York / Virginia / California |
| SBA | Unavailable for plant-touching (SOP 50 10 8) |
| Hemp clock | P.L. 119-37 redefinition 12 November 2026 |
| Commentary multiple (not an appraisal) | 3x–33x normalized earnings |
MSA risk around Contact — what belongs on Contact?
A management agreement that moves control before approval is a license event. Contact does not get a clever close by calling the buyer a consultant.
Diligence order for Contact — how should you read this on Contact?
Agree whether Contact is a scarcity file or a cash-flow file, then pick the diligence order. The checklist stays in the working set.
Documents that actually move Contact — why does this change Contact?
License, local authorization, lease consent, tax clearance, 4 months of seed-to-sale exports, violation history, and the ownership chart. Missing one of those is not a formatting issue.
Who should not attempt Contact — how should you read this on Contact?
A buyer who cannot pass background or residency. An owner inside a holding period. A non-citizen who has not spoken to immigration counsel. USCIS still treats marijuana conduct as a controlled-substance issue.
How HedgeStone treats Contact — why does this change Contact?
Jason Taken will say if Contact is transferable before anyone writes a CIM. He is a business broker, not an attorney and not a licensed operator. No invented listings, no invented MSO names.
Successor liability sitting under Contact — what breaks Contact?
Cannabis tax debt does not vanish because someone chose an asset sale. Clearance certificates and holdbacks exist for Contact. See tax holdbacks.
Banking after Contact — why does this change Contact?
FinCEN FIN-2014-G001 is still the SAR frame. A new owner who assumes the seller’s bank will keep the account is guessing. Model cash handling until the successor account is real.
When to walk away from Contact — what belongs on Contact?
If the license is locked, the city will not host the buyer, the books cannot be rebuilt, or the hemp catalog dies in November 2026, the honest answer is stop. Contact is not improved by optimism.
Partner and dispute uses of Contact — why does this change Contact?
Buyouts and shareholder fights still need a method, not a slogan. Label ranges. Do not pretend a liquor-store rule prices Contact.
Inventory and biomass on Contact — what breaks Contact?
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 Contact — why does this change Contact?
The building can be the deal or the trap. No cannabis-use clause means Contact cannot operate after assignment. Sale-leasebacks are capital, not magic.
Social-equity paper inside Contact — how should you read this on Contact?
Eligible-transferee rules and holding periods are deal terms. Contact that ignores them is a letter, not a close. See social-equity locks.
Distressed paths near Contact — what should you verify for Contact?
Receiverships and ABCs exist because chapter 7 and 11 are generally closed to domestic plant-touching debtors. If Contact is already in a fiduciary process, price the claims, not last year’s CIM.
The first cut on Contact — why does this change Contact?
Contact is decided before a teaser goes out. both sides who start with a hoped-for multiple skip whether the paper can move. New York and Virginia do not share a packet. more than one license class is the lens.
Cited sources that govern Contact: 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. 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.
What to bring to the intro call — how should you read this on Contact?
Book twenty minutes with Jason Taken at HedgeStone Business Advisors. For Contact, 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 Contact — what belongs on Contact?
Read Jason Taken next if that file is open on Contact. cannabis valuation is the companion page when Contact needs that angle. Keep state transfer rules in the working set for Contact. Read contact next if that file is open on Contact. how a cannabis sale works is the companion page when Contact needs that angle. Keep sell a licensed cannabis business in the working set for Contact. Read federal cannabis law next if that file is open on Contact. why a specialist broker is the companion page when Contact needs that angle.
Summary on Contact — what belongs on Contact?
Contact 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 Contact?
Contact has to clear as a license-and-tax file. In Illinois, scarcity can dominate. In Minnesota, paper value can be near zero. Cited sources that govern Contact: 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.
| Check | Illinois | Minnesota |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
What does a 280E-literate CPA ask?
Contact has to condition as a license-and-tax file. In California, scarcity can dominate. In Pennsylvania, paper value can be near zero. Cited sources that govern Contact: 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. Hemp SKUs must be read against CRS IN12620 on the 2026 hemp definition and CRS IF13136; the redefinition date is 12 November 2026.
| Check | California | Pennsylvania |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
How should approval be sequenced?
Contact has to apportion as a license-and-tax file. In Florida, scarcity can dominate. In Oklahoma, paper value can be near zero. Cited sources that govern Contact: 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. 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.
| Check | Florida | Oklahoma |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
Where does the file break in New York versus Virginia?
Contact has to reconcile as a license-and-tax file. In New York, scarcity can dominate. In Virginia, paper value can be near zero. Cited sources that govern Contact: Federal Register 2026-08176 is the April 2026 medical / FDA-approved marijuana Schedule III order. 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.
| Check | New York | Virginia |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
What will Jason Taken not promise?
Contact has to stage as a license-and-tax file. In New Jersey, scarcity can dominate. In Missouri, paper value can be near zero. Cited sources that govern Contact: 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 | New Jersey | Missouri |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
How should you underwrite Contact?
Contact has to underwrite as a license-and-tax file. In Maryland, scarcity can dominate. In Nevada, paper value can be near zero. Cited sources that govern Contact: 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. IRC §280E still disallows ordinary deductions on Schedule I trafficking, which is why adult-use books stay in 280E.
| Check | Maryland | Nevada |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
What does a 280E-literate CPA ask?
Contact has to normalize as a license-and-tax file. In Colorado, scarcity can dominate. In Connecticut, paper value can be near zero. Cited sources that govern Contact: 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.
| Check | Colorado | Connecticut |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
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.
Frequently asked questions
Which records actually prove the story?
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 when you are underwriting Contact.
Who should not attempt this?
A buyer who cannot pass background or residency. An owner inside a holding period. A non-citizen who has not spoken to immigration counsel. Stop before marketing Contact.
How does local authorization change the deal?
A state yes with a city no is a failed file. Opt-out, buffers, and CUPs are the site. Read local control before anyone argues price on Contact.
What holdbacks belong in the close?
Tax, inventory, and compliance residuals sit in escrow or a holdback. A “clean” close with open city tax is a gift to the buyer’s counsel on Contact.
How does the November 2026 hemp clock matter?
P.L. 119-37 and [CRS IN12620 on the 2026 hemp definition](https://www.congress.gov/crs-product/IN12620) reset the definition on 12 November 2026. If Contact includes intoxicating hemp, underwrite the post-rule catalog.
What multiple should you not use?
A 2021 MSO slide, a liquor-store rule, or a national slogan. Commentary 3x–6x is a conversation, not an appraisal of Contact.
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