Auction cannabis licenses? – How does it work, when is the auction and how much do licenses cost?

Cannabis License Auction, FL. 23-24 February – The Cannabis10x license auction-style event features license holders, buyers and investors competing for positions in coveted states such as FL, NY and more.

[mention Cannabis.net when you sign up for a free access to the Cannabis10x Network membership]

Cannabis10x is hosting a live and virtual cannabis license auction style event February 23-24 in beautiful Sand Key, FL. A diverse group will be in attendance, ranging from multi-state operators looking for strategic first-in locations in limited-license states (Florida, New York) to investors and single-state operators looking Seek joint ventures for the purpose of crossing state lines. From the most established states to the recently opened ones that restrict licensing, these participants are a very effective group. License valuations range from $45 million to $2,500.

The following is an interview with Cannabis10x co-founders Jason Tropf and Holly Ford.

Cannabis.net:

Guys, I’m doing this personally today because I think you’re going to love what you’re about to hear! I’m speaking to the team that started Cannabis Franchising today! Then they caused a stir with their Cannabis Shark Tanks with big stars like Cheech Marin, Bruce Linton and Yours sincerely! (Laughter) and now they’re back to doing something no one has ever done before… A cannabis license auction! Holly Ford and Jason Tropf welcome!

Jason Tropf (Cannabis10X)

Hello Kurt. Nice to see you again… Nice to be here!

Cannabis.net:

So what the heck is a cannabis license auction!

Holly Ford (Cannabis10X)

It will definitely be exciting! Sellers and bidders meet in person (or virtually) to buy and sell. Sellers set a minimum bid and bidders deposit 10% until the state approves the transfer… There will be a lot of networking and some strategic partnerships will be formed.

Cannabis.net:

How does it work… can anyone buy a cannabis license at auction?

Jason Tropf (Cannabis10x):

Yes, they must be 21…. But I want to stress to buyers, “Do your due diligence to make sure you meet the regulatory requirements for the state you intend to buy in.” All sales are subject to government approval. Some states require state residency, some advocate social justice only in the early stages, while others welcome everyone. (Bidders can log in here: Register to bid.)

Cannabis.net:

Who can sell a cannabis license at auction?

Holly Ford (Cannabis10x):

Any cannabis license holder can sell their license at auction. All you have to do is register as a seller. (The direct owner of the license must register as a seller on the site, which can be done here: Register to sell.)

Some sellers have asked us to work with them outside of the auction. Cannabis10X can accept these sellers as customers. Customers can list as many licenses as they wish and also get Featured Seller status.

Cannabis.net:

That’s great! What does a top seller get? Something special?

Holly Ford (Cannabis10X)

Referred Sellers can list an unlimited number of licenses. Most importantly, they have 5 minutes to present their license directly on the auction podium (or have the hosts present their license to the audience for them). , a listing on the front page of all bid packages, they will be featured in all press releases and marketing materials… The increased exposure usually leads to more investor introductions.

Cannabis.net:

OK, best guess here…how much do you think buyers will pay for a license?

Holly Ford (Cannabis10X)

In the past, licenses have sold for as little as $2,500 and up to $70 million! Pricing varies by location and license type, and reviews vary widely. Regardless, sellers have autonomy here. They set their own minimum bids, but all transactions are subject to seller approval, allowing them to approve bids as low as they deem necessary to complete the sale. A refundable 10% deposit will be held in escrow on the day the bid is accepted. All conditions are listed on the registration page.

Cannabis.net:

Sounds perfect! Tell me more about the reviews.

Jason Tropf (Cannabis10X)

Some state regulations are very different from others, which has a lot to do with ratings. When competition is curbed by regulations, revenue per operator is much higher, making license values ​​much higher. For example, certain states offer retail licenses that allow a single retail location per license, and this license type can be worth anywhere from $2,500 to $50,000. In other states, a single license encompasses and enables vertical integration: growing, manufacturing, and an unlimited number of retail locations under a single license. These types of licenses are valued in the tens of millions of dollars.

Cannabis.net:

Lots of different licenses out there! What kind of license can you buy?

Jason Tropf (Cannabis10X)

License holders from across the supply chain sell licenses. This includes cultivation, processing/manufacturing, retail and delivery/distribution. In some cases, all vertically integrated operations are included under one license. In states like Florida, for example, unlimited retail stores are allowed under a single license. Again, make sure you understand state licensing requirements before bidding.

Cannabis.net:

Do you offer help with pre-auction due diligence?

Jason Tropf (Cannabis10X)

Participants can contact Cannabis10X or the main sponsor of our auction; Cannabis advocate and political candidate Michael Minardi.

Cannabis.net:

In which states can people obtain licenses?

Holly Ford (Cannabis10x):

Participants may obtain licenses in any jurisdiction in the United States that allows licensed cannabis businesses to operate, subject to governmental approval of the transfer of the license. This includes some of the most desirable states like Florida and New York, as well as established markets like Colorado and Oregon. Specific licenses are updated regularly and can be found on the event page. We expect more than 100 licenses. (Cannabis10x.com license auction event page)

Cannabis.net:

What happens if the cannabis license is not sold at auction?

Jason Tropf (Cannabis10X)

Sellers have the opportunity to become clients of Cannabis10X where we will continue to work with the licensee through our Mergers & Acquisitions department to find a buyer or strategic partner.

Cannabis.net:

Okay, now for the fun stuff… who else is really coming besides you?

Holly Ford (Cannabis10X)

License holders, investors, acquisition teams, franchisors, multi-state operators, joint venture partners and individual operators at home and abroad. We will also offer international licenses that will attract a more global audience.

Cannabis.net:

What kind of investors and acquisition teams do you mean?

Jason Tropf:

There are already a variety of investors and acquisition teams in the 10X network. This includes the Cannabis10x Family of Franchises (Cannabis10x Family of Franchises). Investors range from wealthy accredited individual investors to family offices and franchise portfolio builders. Fund managers who manage funds between $10 million and $100 million and franchise portfolio owners who own between 200 and 2,000 franchised units. Also included are Main Street investors, who are expected to spend between $250,000 and $2 million, and smaller investors, who are expected to spend between $2,500 and $50,000.

Cannabis.net:

So is this a purely business and networking event? Any fun planned for live attendees?

Holly Ford:

Yes! That’s why we added the Sand Key, Florida live venue! Thursday nights will have drinks and swag bags, meet and greet, networking and a great speaker. Networking again on Friday morning followed by an auction. Many will stay throughout the weekend to continue forging strategic partnerships.

Cannabis.net:

How can a company engage or become known to your audience?

Jason Tropf:

Sponsor! Our legacy sponsor is gone, but we still have room for strong companies on the bill. Sponsors even have the opportunity to speak to the entire live and virtual audience! As well as the obvious banners and promotional materials, sponsors will be recognized on the Cannabis10x.com website for up to 12 months after the event and will receive complimentary tickets to the main event. And much more! (Sponsors can learn more here: Sponsorship Program)

Short description:

Cannabis10x.com:
Cannabis10x License Auction
Marriott Hotel, Sand Key, FL
Date: 23-24 February 2023
12:00 p.m. EST
Virtual and live participation
Video: https://youtu.be/gLFJrIxMGp0
For more information: https://members.cannabis10x.com/auction-event1668458277085

• All states
• More than 100 licenses are expected
• Live and virtual
•Joint ventures
• Total sale
• Limited License States
• FL, NY, MI, CT, MO and more…

Brief Description: Join the 10X private network of accredited investors, vertically integrated multi-state operators and license holders in all jurisdictions for a unique auction-style event. Franchisor | Acquisition Teams | Investors | MSO’s | JV Partners | Wealthy people