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Buying a cannabis license for a retail cannabis store in British Columbia is a complicated process with many requirements that must be fulfilled before a license transfer is approved. Whether you are applying for a new license or purchasing an existing one, the process is time-consuming and frequently confusing for start-ups. Below is a breakdown of the steps involved.
Steps to Buying an Existing CRS License
Buying a licensed cannabis retail store may be a faster way to start a cannabis store, but there are still many steps involved:
- Find a retailer that is selling its cannabis license
Conduct online searches or hire the services of a retail cannabis consultant such as Thrive Liquor & Cannabis Advisors. Thrive maintains lists of retail cannabis opportunities. - Negotiate the purchase
Sellers will have an asking price, but you may be able to negotiate a lower price if you perform the necessary due diligence. An accountant can help you assess the viability of the operation, and spot weaknesses in the store’s finances or operation. A cannabis consultant can help you assess the strengths or weaknesses of the store’s setup, inventory, employees and location. The information garnered may help you find some wiggle room on price. - Seller applies for a license transfer
Once a deal is reached, the seller initiates the license transfer. The Liquor and Cannabis Regulation Branch (LCRB) must approve the transfer and the buyer must undergo the same security screening and financial disclosures as a business starting a cannabis store from scratch. During the license transfer, the cannabis store may remain open but the license must be maintained by the current licensee. The proposed licensee may not start working in the store until the transfer is complete. - Buyer submits required documents
The buyer must submit a Business Financial Integrity form which contains names of shareholders, financial information, tax information, funding and debt information. The buyer must also submit documents about its business classification (i.e. private corporation, public corporation, sold proprietorship, partnership, society of nonprofit or Indigenous nation). - Apply for a BCeID
A BCeID provides you with secure access to government services from one portal. - Complete a “consent for cannabis screening form”
The buyer and their associates must complete the form, which includes personal information, address of the store, current mailing address; and any city, province/state and country outside of B.C. where you resided in the past 5 years. - Upload documents and pay a fee
Once you’ve gathered all of the required documents, use your BCeID to log into the cannabis licensing portal and upload the documents.
The steps above were paraphrased from “Transfer a Cannabis Retail Store License”, Liquor and Cannabis Regulation Branch”.
Get Help Buying a Cannabis Store License
Thrive Liquor & Cannabis Advisors is an invaluable resource for start-ups that wish to open a cannabis business in British Columbia. Whether you want to apply for a cannabis license or buy an existing cannabis store, working with our consultants increases the chances of LCRB approval.
