SF Gate has the story
The listing still prices the license at $35,000, but broker Meilad Rafiei confirmed to SFGATE the seller is willing to walk away without getting any cash.
“From day one I was telling [the license holders], I don’t know if there’s any value here,” Rafiei said.
Rafiei, the CEO of cannabis industry consulting firm WeCann, said the Oxnard license could have once been sold for as much as $3 million, making the current deal a stunning drop in value.
Ryan George, the CEO of 420Property.com, which is a marketplace for cannabis licenses and real estate, said during the early years of legalization, licenses could trade from $500,000 to $3 million, with one Santa Ana license selling for $8 million. Now he’s increasingly seeing licenses trade for free as they become “effectively worthless” in certain areas.
“Fast forward to today, and the picture has changed dramatically. Market saturation, regulatory challenges, and competition from the illicit market have driven values down,” George said in an email.
