For both sides
How much is a dispensary worth?
Federal and state law current as of September 2026 — verify with counsel.
Key takeaways
- Trade commentary in 2025–2026 often cites 3x–6x normalized EBITDA for a single store. That is not an appraisal. License scarcity, 280E, and local approval move the number.
- Verify with counsel.
- State rules differ.
- Book a call if this is a live file.
How much is a dispensary worth is the file this page underwrites. Trade commentary in 2025–2026 often cites 3x–6x normalized EBITDA for a single store. That is not an appraisal. License scarcity, 280E, and local approval move the number. Federal and state law current as of September 2026 — verify with counsel.
Direct answer to “How much is a dispensary worth?”?
Trade commentary in 2025–2026 often cites 3x–6x normalized EBITDA for a single store. That is not an appraisal. License scarcity, 280E, and local approval move the number. That is the working answer as of September 2026. It is not a guarantee of price, timing, approval, or financing.
Who should ask “How much is a dispensary worth?”?
Trade commentary in 2025–2026 often cites 3x–6x normalized EBITDA for a single store. That is not an appraisal. License scarcity, 280E, and local approval move the number. Owners, buyers, and counsel ask it at different times. HedgeStone asks it after the license class is known.
| Question behind “How much is a dispensary worth?” | Where to read next |
|---|---|
| Can the paper move? | Transfer rules |
| What is cash after tax? | 280E |
| Who may own it? | Eligibility |
| What is it worth? | Valuation |
A file that changes the answer to “How much is a dispensary worth?”?
Two stores with the same sales diverge because one sits under a converted-license lock and the other is clean limited paper. How much is a dispensary worth? without those facts is incomplete.
Cited sources that govern How much is a dispensary worth?: 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.
How much is a dispensary worth? 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.
Related pages for How much is a dispensary worth?
Read contact next if that file is open on How much is a dispensary worth?. FAQ index is the companion page when How much is a dispensary worth? needs that angle. Keep sell in the working set for How much is a dispensary worth?. Read buy next if that file is open on How much is a dispensary worth?. valuation is the companion page when How much is a dispensary worth? needs that angle. Keep federal law in the working set for How much is a dispensary worth?. Read 280E next if that file is open on How much is a dispensary worth?. transfers is the companion page when How much is a dispensary worth? needs that angle.
Which public sources belong on this file?
Keep U.S. Treasury, DEA drug scheduling, DEA diversion schedules, FDA cannabis / CBD page in the working set. A forum post is not a substitute.
How should you underwrite How much is a dispensary worth?
How much is a dispensary worth has to stage as a license-and-tax file. In Illinois, scarcity can dominate. In Minnesota, paper value can be near zero. Cited sources that govern How much is a dispensary worth: 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 |
What does a 280E-literate CPA ask?
How much is a dispensary worth has to underwrite as a license-and-tax file. In California, scarcity can dominate. In Pennsylvania, paper value can be near zero. Cited sources that govern How much is a dispensary worth: 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 | California | Pennsylvania |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
Frequently asked questions
How much is a dispensary worth?
Trade commentary in 2025–2026 often cites 3x–6x normalized EBITDA for a single store. That is not an appraisal. License scarcity, 280E, and local approval move the number.
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 this question against that split, including a Arizona 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 this question 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. Arizona and Oregon do not share a clock on this question.
Can control move before approval?
Not if you want to keep the license. Stage closing and keep any MSA inside what the statute allows. This question 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. this question needs another stack.
Sources
- Viridian Capital public commentary — Tier 1 U.S. MSO EV/EBITDA ~4.16x (2025 consensus)
- 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
- Congress.gov S.4942 — SAFE Banking Act of 2026 (introduced, not enacted) — https://www.congress.gov/bill/119th-congress/senate-bill/4942
- U.S. Treasury — https://home.treasury.gov/
- DEA drug scheduling — https://www.dea.gov/drug-information/drug-scheduling
- DEA diversion schedules — https://www.deadiversion.usdoj.gov/schedules/