Minnesota's adult-use marijuana market is witnessing a wave of secondary license sales, drawing comparisons to ticket resales on platforms like StubHub. A Roseville Wendy's location is up for sale by Green Zoned Realty, complete with a retail license, city approval, and a locked-in lease. It is one of at least 80 licenses recently posted for sale, with a combined asking price once exceeding $100 million.
Jeff Brinkman from Superior Cannabis Company likens the situation to ticket scalping, noting the face value of a cannabis license ranges from $5,000 to $10,000. However, resold licenses on platforms like cannamls.com can reach $1.5 million for cultivation licenses and $1 million for licenses covering five retail stores.
State law allows license transfers with approval from the Office of Cannabis Management, but the Wendy's location has not yet received a license from the state. The city of Roseville has approved it, but a change in majority ownership would push the location back in line for the city's three retail licenses.
Carol Moss, a cannabis attorney, points out that while legal, these sales go against the spirit of the law intended to foster a craft cannabis industry for small businesses in Minnesota. Rep. Nolan West highlights that the secondary market emerged after licensing shifted from merit-based to a lottery system.
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