Minnesota Cannabis Licenses Hitting Secondary Market

Cannabis licenses are hitting the secondary market in Minnesota, with some
asking prices exceeding $100 million, FOX 9 reports. More than 80 licenses
have been listed for sale in the state, with at least 12 currently listed
on cannamls.com.

The licenses included on Canna MLS include three multi-use licenses that
are listed at $295,000 for a mezzobusiness license, $299,999 for a
provisional license that includes cultivation, manufacture, and
distribution, and a licensee seeking $1.25 million to fund a dispensary,
home delivery, and consumption lounge.

A retailer license in an unnamed city is being listed for $499,000, a
manufacturer license – also for an unnamed city – is listed for $595,000,
there are two cultivation licenses listed for $499,000 each, and another
for nearly $1.5 million. Other listings include a “call for offers” for a
home delivery license, and a $695,000 dispensary license for Roseville that
includes a former Wendy’s restaurant building.

State law allows the transfer of cannabis licenses with approval from the
state Office of Cannabis Management (OCM), but changes in ownership may
require new approvals from municipalities. According to OCM rules, social
equity licenses may only be transferred to other social equity applicants
and pre-approved applicants cannot sell their majority interest to a third
party.