June 1, 2014

Seattle Man Offers One Million Dollars For Cannabis Retail License

June 1, 2014
marijuana money cash

marijuana money cashWashington State recently announced who won recreational cannabis retail licenses. License winners were announced after Washington State held a lottery to determine which applicants received a license and which applicants were out of luck. To the lucky winners, congratulations, you are about to embark on a journey that will no doubt be full of risks, rewards, and excitement.

People that didn’t win were understandably disappointed. Some filed lawsuits, claiming that the process was flawed and/or unfair. At least one man in Seattle is taking a different approach. Per 420 News Wire:

“However, while this momentary lapse of good fortune prevented many cannabusiness plans from ever seeing the light of day, McDoniel stands by the philosophy that, well, this is America, goddamnit — what we cannot win, we can buy! Therefore, he intends to persuade one of the state’s 21 licensees to give up their spot on the totem pole of toke by waving around $1 million. “I’ve got money. I’ve got the will. I just need somebody to step forward who wants to make a million dollars,” McDoniel told KOMO News.

The state prohibits applicants from selling their licenses, but there is nothing in the regulations to prevent an owner of a retail marijuana license from selling their business. This backward approach to getting a foot in the door of the recreational marijuana market is what McDoniel hopes to accomplish. “I am willing to do whatever it takes to get a license,” he said.”

This story highlights how much potential money is involved with opening a retail location. It also highlights how bad some people want in on America’s next great industry. As of this writing, there hasn’t been any takers on Mr. McDoniel’s offer. But with a one million dollar offer lingering out there, it’s possible that it could happen any day. Washington State law forbids selling a license, but selling an entire business might be permitted. How Washington State will handle a scenario such as this is hard to determine, but it’s a story worth following.

Source: International Cannabis Business Conference


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