For owners
Wind-down vs sale
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).
Wind-down vs sale is a priority-of-claims problem. Tax liens and receivers do not care about last year’s CIM. This page is written for owners 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.
Wind-down vs sale 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 |
| License lens | more than one license class |
| Contrast markets | Maryland / Nevada / Arizona |
| SBA | Unavailable for plant-touching (SOP 50 10 8) |
| Hemp clock | P.L. 119-37 redefinition 12 November 2026 |
| Commentary multiple (not an appraisal) | 4x–43x normalized earnings |
Banking after Wind-down vs sale — how should you read this on Wind-down vs sale?
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 Wind-down vs sale — what breaks Wind-down vs sale?
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. Wind-down vs sale is not improved by optimism.
Partner and dispute uses of Wind-down vs sale — what belongs on Wind-down vs sale?
Buyouts and shareholder fights still need a method, not a slogan. Label ranges. Do not pretend a liquor-store rule prices Wind-down vs sale.
Inventory and biomass on Wind-down vs sale — what belongs on Wind-down vs sale?
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 Wind-down vs sale — what should you verify for Wind-down vs sale?
The building can be the deal or the trap. No cannabis-use clause means Wind-down vs sale cannot operate after assignment. Sale-leasebacks are capital, not magic.
Social-equity paper inside Wind-down vs sale — what belongs on Wind-down vs sale?
Eligible-transferee rules and holding periods are deal terms. Wind-down vs sale that ignores them is a letter, not a close. See social-equity locks.
Distressed paths near Wind-down vs sale — how should you read this on Wind-down vs sale?
Receiverships and ABCs exist because chapter 7 and 11 are generally closed to domestic plant-touching debtors. If Wind-down vs sale is already in a fiduciary process, price the claims, not last year’s CIM.
The first cut on Wind-down vs sale — what breaks Wind-down vs sale?
Wind-down vs sale is decided before a teaser goes out. owners who start with a hoped-for multiple skip whether the paper can move. Maryland and Nevada do not share a packet. more than one license class is the lens.
Records that prove Wind-down vs sale — how should you read this on Wind-down vs sale?
Rebuild Wind-down vs sale 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.
Maryland habits that fail on Wind-down vs sale — what breaks Wind-down vs sale?
Copying a Maryland habit into Nevada is how Wind-down vs sale dies in review. Arizona 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 Wind-down vs sale — why does this change Wind-down vs sale?
Illustrative only: $369,000 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 Wind-down vs sale — what belongs on Wind-down vs sale?
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. Wind-down vs sale is funded with seller paper, private credit, cash, or a sale-leaseback — or it is not funded.
Local authorization inside Wind-down vs sale — what should you verify for Wind-down vs sale?
A state yes with a city no is a failed Wind-down vs sale. Opt-out, buffers, and CUPs are the site. Read local control before anyone argues price.
People the agency will map on Wind-down vs sale — how should you read this on Wind-down vs sale?
True parties of interest include more than the 51% owner. Silent lenders and handshake managers show up on Wind-down vs sale whether the CIM mentions them or not.
Cited sources that govern Wind-down vs sale: 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 — why does this change Wind-down vs sale?
Book twenty minutes with Jason Taken at HedgeStone Business Advisors. For Wind-down vs sale, 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 Wind-down vs sale — how should you read this on Wind-down vs sale?
Read ABC assignments next if that file is open on Wind-down vs sale. tax-lien priority is the companion page when Wind-down vs sale needs that angle. Keep bankruptcy gap in the working set for Wind-down vs sale. Read receivership next if that file is open on Wind-down vs sale. bankruptcy gap is the companion page when Wind-down vs sale needs that angle. Keep selling in distress in the working set for Wind-down vs sale. Read buying distressed next if that file is open on Wind-down vs sale. receivership sales is the companion page when Wind-down vs sale needs that angle.
Summary on Wind-down vs sale — how should you read this on Wind-down vs sale?
Wind-down vs sale 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?
Read DEA diversion schedules, FDA cannabis / CBD page, IRS marijuana industry page, eCFR CSA schedules alongside the agency packet. A forum post is not a substitute.
How should you underwrite Wind-down vs sale?
Wind-down vs sale has to apportion as a license-and-tax file. In Massachusetts, scarcity can dominate. In Washington, paper value can be near zero. Cited sources that govern Wind-down vs sale: 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 | Massachusetts | Washington |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
What does a 280E-literate CPA ask?
Wind-down vs sale has to reconcile as a license-and-tax file. In Arizona, scarcity can dominate. In Oregon, paper value can be near zero. Cited sources that govern Wind-down vs sale: 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 | Arizona | Oregon |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
How should approval be sequenced?
Wind-down vs sale has to stage as a license-and-tax file. In Florida, scarcity can dominate. In Oklahoma, paper value can be near zero. Cited sources that govern Wind-down vs sale: 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 | 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?
Wind-down vs sale has to underwrite as a license-and-tax file. In New York, scarcity can dominate. In Virginia, paper value can be near zero. Cited sources that govern Wind-down vs sale: 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 | New York | Virginia |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
Frequently asked questions
Does a public listing raise the price?
Usually it raises leakage risk. Employees, landlords, and competitors learn first. Run Wind-down vs sale as a confidential process.
What should you bring to the intro call?
License class, state, local authorization status, and whether a buyer or target is already in the room. That is enough to qualify Wind-down vs sale.
How should dual licenses be taxed?
Apportion. The April 2026 order is not a blended gift. Dual shops that dump all SG&A into the medical column will lose that fight on Wind-down vs sale.
What is the first buyer screen?
Eligibility: residency, ownership caps, background, and every true party of interest. A cheap asset you cannot own is not cheap. Start there on Wind-down vs sale.
When should an owner wait?
If the license is inside a holding period, if local authorization is personal and dying, or if the books cannot be rebuilt. Wind-down vs sale can wait.
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 Wind-down vs sale.
Sources
- 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
- 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
- DEA diversion schedules — https://www.deadiversion.usdoj.gov/schedules/
- FDA cannabis and CBD page — https://www.fda.gov/news-events/public-health-focus/fda-regulation-cannabis-and-cannabis-derived-products-including-cannabidiol-cbd
- IRS marijuana industry — https://www.irs.gov/businesses/small-businesses-self-employed/marijuana-industry
- Federal Register 2026-08176 (28 April 2026) — medical / FDA-approved marijuana to Schedule III — https://www.federalregister.gov/d/2026-08176
- 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)