Trying to Change Your Location? Don't Miss the Basics.
Hello and welcome to theBlunt
Trying to Change Your Location? A Major Requirement Many People Miss.
Today we want to discuss a very common sense issue... but one that is being overlooked within the I-502 community. Until recently, this hasn't been an issue anyone had to think about. However, as we see an influx of opportunities in recent months and recent influx of assumptions taking place... it is now becoming an issue... and one we think you should be aware of before you get in too deep to turn around.
What is that common sense piece that is frequently overlooked?
It is the simple fact that licenses don't "float".
What do we mean by this exactly?
Well, when you first applied for your cannabis license, the state went and checked to ensure the property met all the necessary guidelines. They allowed you to go through the process and complete your build out for the license before it was issued.
On approval of that license, you then became "anchored" to that spot.
Now, as we see a recently flurry of activity with new license assumptions and many companies running circles in their own form of duck, duck, goose trying to figure out where to land, we see a number of people needing to relocate the license and business.
Except, on this new round of locations... you don't get a "build out" period with the WSLCB like you did before.
This time, both locations need to be ready simultaneously.
Remember, if your license can't "float" it will need to jump from one location directly to the other. That's how the WSLCB prefers it, so that is how we must operate.
You might be wondering: why isn’t this more common knowledge?
Well, to put it simply. People haven't had to move issued licenses yet, since they were all in the application phase. However, now... we're moving licenses around, not applications. So, the rules are different.
Interested in where the market prices are at for your license? Stay tuned as we begin our "State of the Market" series and discuss Producer/Processor and Retail values throughout the week.
We’re not attorneys, and we always suggest speaking to an i-502 attorney before taking action. However, we have done this song and dance before, and can help point you in the right direction.
If you need someone to talk through buying or selling your cannabusiness or bringing in a partner, give us a call at (206) 466-4020, or email us at firstname.lastname@example.org.