Select Board members have discovered that there are no local restrictions to transferring a recreational marijuana license, and they found out the hard way.
PLYMOUTH – You can’t transfer a liquor license without state and local approvals, which include a public hearing before the Select Board as well as approval of the Massachusetts Alcohol Beverages Control Commission (ABCC).
But Select Board members have discovered that there are no local restrictions to transferring a recreational marijuana license, and they found out the hard way.
The transfer of the recreational marijuana license from Four Daughters Compassionate Care to Verano Holdings is the issue. The business will be located at 11 Richards Road in the Plymouth Industrial Park.
And the transfer of this license is beginning to look a little like something you’d see in the futures market on Wall Street, because the recreational marijuana store does not technically exist, and yet this license has changed hands twice since the Select Board signed off on it.
Verano Holdings, a growing network of cannabis stores and medical dispensaries, bought Four Daughters Compassionate Care, a Plymouth recreational marijuana business. The news was announced Feb. 4.
In a twist, the Chicago Tribune reported this week that Verano Holdings has been sold for $850 million to Harvest, Health & Recreation, a company based in Phoenix. More specifically, Harvest Health & Recreation, a “vertically integrated” company (meaning it controls the supply chain), has entered into a binding agreement with Verano in what is termed an “all stock transaction.”
Verano Co-founder and Chief Growth Officer Sam Dorf acknowledged that Harvest, Health & Recreation is buying Verano, but said the sale has not been finalized and noted that the transaction is a merger. He said the company will make good on all the provisions included in the host agreement and