For both sides
Cannabis real estate basics
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).
Cannabis real estate basics is a land-use and lease problem sitting under a cannabis license. The building can be worth more than the paper, or it can be worthless without a cannabis-use clause. This page is written for owners and buyers and for more than one license class. It is not legal or tax advice.
Treat Cannabis real estate basics as a state-license file with a federal tax and banking overlay. Schedule III medical relief is real for qualifying activity and irrelevant to an adult-use-only book. Hemp SKUs face CRS IN12620 on the 2026 hemp definition on 12 November 2026. Do not import a 2021 multiple onto that fact pattern.
| Topic | Working rule (verify, September 2026) |
|---|---|
| Audience | owners and buyers |
| License lens | more than one license class |
| Contrast markets | Illinois / Minnesota / Colorado |
| 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 |
Inventory and biomass on Cannabis real estate basics — what should you verify for Cannabis real estate basics?
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 Cannabis real estate basics — what breaks Cannabis real estate basics?
The building can be the deal or the trap. No cannabis-use clause means Cannabis real estate basics cannot operate after assignment. Sale-leasebacks are capital, not magic.
Social-equity paper inside Cannabis real estate basics — why does this change Cannabis real estate basics?
Eligible-transferee rules and holding periods are deal terms. Cannabis real estate basics that ignores them is a letter, not a close. See social-equity locks.
Distressed paths near Cannabis real estate basics — what belongs on Cannabis real estate basics?
Receiverships and ABCs exist because chapter 7 and 11 are generally closed to domestic plant-touching debtors. If Cannabis real estate basics is already in a fiduciary process, price the claims, not last year’s CIM.
The first cut on Cannabis real estate basics — how should you read this on Cannabis real estate basics?
Cannabis real estate basics is decided before a teaser goes out. both sides who start with a hoped-for multiple skip whether the paper can move. Illinois and Minnesota do not share a packet. more than one license class is the lens.
Records that prove Cannabis real estate basics — what belongs on Cannabis real estate basics?
Rebuild Cannabis real estate basics 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.
Illinois habits that fail on Cannabis real estate basics — what breaks Cannabis real estate basics?
Copying a Illinois habit into Minnesota is how Cannabis real estate basics dies in review. Colorado 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 Cannabis real estate basics — what breaks Cannabis real estate basics?
Illustrative only: $224,000 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 Cannabis real estate basics — how should you read this on Cannabis real estate basics?
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. Cannabis real estate basics is funded with seller paper, private credit, cash, or a sale-leaseback — or it is not funded.
Local authorization inside Cannabis real estate basics — how should you read this on Cannabis real estate basics?
A state yes with a city no is a failed Cannabis real estate basics. Opt-out, buffers, and CUPs are the site. Read local control before anyone argues price.
People the agency will map on Cannabis real estate basics — how should you read this on Cannabis real estate basics?
True parties of interest include more than the 51% owner. Silent lenders and handshake managers show up on Cannabis real estate basics whether the CIM mentions them or not.
Confidentiality rules for Cannabis real estate basics — what belongs on Cannabis real estate basics?
Cannabis real estate basics is not a Facebook post. Use a blind teaser and an NDA. Employees and landlords in Illinois find out on a planned day.
Holdbacks that belong on Cannabis real estate basics — what breaks Cannabis real estate basics?
Tax, inventory, and compliance residuals sit in escrow or a holdback. Cannabis real estate basics that closes “clean” with open city tax is a gift to the buyer’s counsel.
What a commentary multiple is not on Cannabis real estate basics — what belongs on Cannabis real estate basics?
Trade notes still cite about 5x–53x normalized earnings for a clean single store. Public MSO chatter near 4.16x EV/EBITDA for 2025 is not a value for Cannabis real estate basics.
Cited sources that govern Cannabis real estate basics: 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.
What to bring to the intro call — what breaks Cannabis real estate basics?
Book twenty minutes with Jason Taken at HedgeStone Business Advisors. For Cannabis real estate basics, 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 Cannabis real estate basics — what should you verify for Cannabis real estate basics?
Read CUP next if that file is open on Cannabis real estate basics. zoning and CUPs is the companion page when Cannabis real estate basics needs that angle. Keep landlord consent in the working set for Cannabis real estate basics. Read selling with real estate next if that file is open on Cannabis real estate basics. buffer zone is the companion page when Cannabis real estate basics needs that angle. Keep lease diligence in the working set for Cannabis real estate basics. Read sale-leaseback next if that file is open on Cannabis real estate basics. real-estate basics is the companion page when Cannabis real estate basics needs that angle.
Summary on Cannabis real estate basics — what belongs on Cannabis real estate basics?
Cannabis real estate basics 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?
Pull eCFR CSA schedules, USDA hemp production, USCIS Policy Manual, U.S. Treasury before you price the file. A forum post is not a substitute.
How should you underwrite Cannabis real estate basics?
Cannabis real estate basics has to escrow as a license-and-tax file. In Arizona, scarcity can dominate. In Oregon, paper value can be near zero. Cited sources that govern Cannabis real estate basics: 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 | Arizona | Oregon |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
What does a 280E-literate CPA ask?
Cannabis real estate basics has to discount as a license-and-tax file. In Massachusetts, scarcity can dominate. In Washington, paper value can be near zero. Cited sources that govern Cannabis real estate basics: 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 | Massachusetts | Washington |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
How should approval be sequenced?
Cannabis real estate basics has to haircut as a license-and-tax file. In Maryland, scarcity can dominate. In Nevada, paper value can be near zero. Cited sources that govern Cannabis real estate basics: 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 | Maryland | Nevada |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
Frequently asked questions
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 Cannabis real estate basics against that split, including a Michigan 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 Cannabis real estate basics 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. Michigan and Ohio do not share a clock on Cannabis real estate basics.
Can control move before approval?
Not if you want to keep the license. Stage closing and keep any MSA inside what the statute allows. Cannabis real estate basics 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. Cannabis real estate basics needs another stack.
What does HedgeStone actually do here?
Eligibility pre-screen, confidential match, METRC-aware pricing, and an approval-contingent process. Not a guaranteed price or a guaranteed yes. That is the job on Cannabis real estate basics.
Sources
- 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)
- Federal Register 2026-08176 (28 April 2026) — medical / FDA-approved marijuana to Schedule III — https://www.federalregister.gov/d/2026-08176
- 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
- USCIS Policy Manual — https://www.uscis.gov/policy-manual
- 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