For both sides
Appraisal vs broker opinion of value
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).
Appraisal vs broker opinion of value is a cash-after-tax and scarcity problem. Commentary multiples are a starting conversation, not a number you can take to a partner or a court. This page is written for owners and buyers and for more than one license class. It is not legal or tax advice.
Appraisal vs broker opinion of value 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 and buyers |
| License lens | more than one license class |
| Contrast markets | California / Pennsylvania / Michigan |
| 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 |
Records that prove Appraisal vs broker opinion of value — what breaks Appraisal vs broker opinion of value?
Rebuild Appraisal vs broker opinion of value 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.
California habits that fail on Appraisal vs broker opinion of value — why does this change Appraisal vs broker opinion of value?
Copying a California habit into Pennsylvania is how Appraisal vs broker opinion of value dies in review. Michigan 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 Appraisal vs broker opinion of value — what should you verify for Appraisal vs broker opinion of value?
Illustrative only: $153,000 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 Appraisal vs broker opinion of value — how should you read this on Appraisal vs broker opinion of value?
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. Appraisal vs broker opinion of value is funded with seller paper, private credit, cash, or a sale-leaseback — or it is not funded.
Local authorization inside Appraisal vs broker opinion of value — how should you read this on Appraisal vs broker opinion of value?
A state yes with a city no is a failed Appraisal vs broker opinion of value. Opt-out, buffers, and CUPs are the site. Read local control before anyone argues price.
People the agency will map on Appraisal vs broker opinion of value — why does this change Appraisal vs broker opinion of value?
True parties of interest include more than the 51% owner. Silent lenders and handshake managers show up on Appraisal vs broker opinion of value whether the CIM mentions them or not.
Confidentiality rules for Appraisal vs broker opinion of value — how should you read this on Appraisal vs broker opinion of value?
Appraisal vs broker opinion of value is not a Facebook post. Use a blind teaser and an NDA. Employees and landlords in California find out on a planned day.
Holdbacks that belong on Appraisal vs broker opinion of value — how should you read this on Appraisal vs broker opinion of value?
Tax, inventory, and compliance residuals sit in escrow or a holdback. Appraisal vs broker opinion of value that closes “clean” with open city tax is a gift to the buyer’s counsel.
What a commentary multiple is not on Appraisal vs broker opinion of value — what belongs on Appraisal vs broker opinion of value?
Trade notes still cite about 6x–63x normalized earnings for a clean single store. Public MSO chatter near 4.16x EV/EBITDA for 2025 is not a value for Appraisal vs broker opinion of value.
Hemp overlay if Appraisal vs broker opinion of value touches SKUs — how should you read this on Appraisal vs broker opinion of value?
P.L. 119-37 and CRS IN12620 on the 2026 hemp definition reset the definition on 12 November 2026. If Appraisal vs broker opinion of value includes delta-8 or other intoxicating hemp, underwrite the post-rule catalog.
MSA risk around Appraisal vs broker opinion of value — why does this change Appraisal vs broker opinion of value?
A management agreement that moves control before approval is a license event. Appraisal vs broker opinion of value does not get a clever close by calling the buyer a consultant.
Diligence order for Appraisal vs broker opinion of value — what belongs on Appraisal vs broker opinion of value?
Agree whether Appraisal vs broker opinion of value 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 Appraisal vs broker opinion of value — why does this change Appraisal vs broker opinion of value?
License, local authorization, lease consent, tax clearance, 6 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 Appraisal vs broker opinion of value — why does this change Appraisal vs broker opinion of value?
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.
Cited sources that govern Appraisal vs broker opinion of value: 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 Appraisal vs broker opinion of value?
Book twenty minutes with Jason Taken at HedgeStone Business Advisors. For Appraisal vs broker opinion of value, 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 Appraisal vs broker opinion of value — what breaks Appraisal vs broker opinion of value?
Read license-floor value next if that file is open on Appraisal vs broker opinion of value. valuation pillar is the companion page when Appraisal vs broker opinion of value needs that angle. Keep pre-280E EBITDA in the working set for Appraisal vs broker opinion of value. Read cultivation value next if that file is open on Appraisal vs broker opinion of value. dispensary multiples is the companion page when Appraisal vs broker opinion of value needs that angle. Keep license value in the working set for Appraisal vs broker opinion of value. Read worked examples next if that file is open on Appraisal vs broker opinion of value. 280E and value is the companion page when Appraisal vs broker opinion of value needs that angle.
Summary on Appraisal vs broker opinion of value — what breaks Appraisal vs broker opinion of value?
Appraisal vs broker opinion of value 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 Appraisal vs broker opinion of value?
Appraisal vs broker opinion of value has to disclose as a license-and-tax file. In Colorado, scarcity can dominate. In Connecticut, paper value can be near zero. Cited sources that govern Appraisal vs broker opinion of value: 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 | Colorado | Connecticut |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
What does a 280E-literate CPA ask?
Appraisal vs broker opinion of value has to verify as a license-and-tax file. In Michigan, scarcity can dominate. In Ohio, paper value can be near zero. Cited sources that govern Appraisal vs broker opinion of value: 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 | Michigan | Ohio |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
How should approval be sequenced?
Appraisal vs broker opinion of value has to screen as a license-and-tax file. In New Jersey, scarcity can dominate. In Missouri, paper value can be near zero. Cited sources that govern Appraisal vs broker opinion of value: 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 | New Jersey | Missouri |
|---|---|---|
| Transfer / host | Verify agency | Verify city |
| Tax / 280E mix | Medical slice | Adult-use slice |
Frequently asked questions
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 Appraisal vs broker opinion of value 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. New Jersey and Missouri do not share a clock on Appraisal vs broker opinion of value.
Can control move before approval?
Not if you want to keep the license. Stage closing and keep any MSA inside what the statute allows. Appraisal vs broker opinion of value 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. Appraisal vs broker opinion of value 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 Appraisal vs broker opinion of value.
Is this legal or tax advice?
No. Educational only. Use cannabis-specialized counsel and a 280E-literate CPA. Jason Taken is a business broker, not an attorney and not a licensed operator.
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)