By Garrett Rudolph
Many potential investors have wondered what the value of a marijuana business license is. At least for now, that answer appears to be $150,000 up front and $10,000 per month in perpetuity.
Seattle-based C&C Shops agreed to those terms to purchase Better Buds from owner Dave Comeau. Better Buds was one of the retail lottery winners in Bremerton, Wash.
“It is great to be able to partner with a company like C&C Shops that has the drive and vision to make this company a major success in the future,” Comeau said.
C&C Shops had applied for retail licenses in several cities in Washington, but drew lottery numbers that were highly unlikely of getting a license in each.
“Today we placed another bet on this new industry’s future and our vision to be part of it,” said Pete O’Neil, managing member of C&C Shops.
Although Better Buds drew a favorable lottery number, that in itself does not guarantee it will receive a license.
The Washington State Liquor Control Board is vetting lottery winners now with hopes of getting shops licensed and operating in July, agency director Rick Garza said.