Green Life Business Group Brokers the Cannabis Industry’s Biggest Deals

In a recent interview with MJBizDaily, Drew Mathews, CEO of our close brokerage partner Green Life Business Group® (GLBG), sat down to discuss the rapidly shifting landscape of cannabis business valuations as we move through 2026.

As a transactional business law firm working alongside the GLBG team on a daily basis, Wicker Law Group sees these exact valuation dynamics play out in real time. Whether it is the surge of first-time buyers capitalized and ready to acquire distressed assets, or profitable operators looking to time their exits around federal rescheduling, the legal structure of a deal is what ultimately secures these valuations

Below, we look at the core takeaways from Drew’s recent industry feature and what they mean for your business strategy.

The Valuation Divide: Distressed Assets vs. Highly Profitable Operators

First, the bad news: current market trends show declining valuations for cannabis companies in mature states. The good news is that means increased interest from first-time cannabis buyers.

“If you’re a buyer, there’s never been a better time in history to get into the industry, meaning prices have never been lower,” Mathews tells MJBizDaily. “I would say, ‘This is your chance to get in.’”

Green Life® has brokered some of the biggest deals in cannabis in recent years, including the sales of companies such as StateHouse Holdings, High Times, Element 7, and SLV dispensary. With over 400 transactions completed across 25 states and four countries, Drew highlights that two very different types of assets are moving fastest in the current market:

1. Extremely Distressed Assets: Distressed cultivation or retail assets are highly desirable for buyers who believe they can run operations more efficiently.
2. Highly Profitable Assets: Businesses showing strong net income and clean cash flows are receiving extreme attention from capitalized, first-time cannabis buyers who want plug-and-play operations.

Rescheduling and its Impact on Cannabis Business Valuations

A primary catalyst driving modern cannabis business valuations is the federal rescheduling of medical cannabis, with potential adult-use rescheduling on the horizon. Drew’s advice for timing an exit depends heavily on your current balance sheet:

• For Profitable Businesses: If you are profitable and bullish on rescheduling, consider holding on. Drew predicts that the first six months post-rescheduling will represent the peak of perceived value, potentially bringing offers of 5x EBITDA.
• For Distressed or Break-Even Businesses: If your business is breaking even or bleeding cash (which represents 80% to 90% of the listings currently on the market), the time to sell is now.

Why the urgency? Top-line revenue multiples for struggling businesses are dropping every 90 days. Drew anticipates that within the next six to twelve months, every single state will evaluate cannabis businesses strictly on EBITDA, cash flow, and net income, regardless of the timeline for federal rescheduling.

Lessons in Timing: The $10.45 Million Pre-ICO Sale

Sellers who hold out for a speculative “market peak” often miss their window. Drew notes that the values of dispensaries in recreational markets across the U.S. have steadily declined from their early regulatory highs.

To illustrate, GLBG® previously brokered the sale of Exclusive Caregivers, the first pre-ICO dispensary in Los Angeles to transition to the adult-use recreational market.

While doing $3 million in medical-only sales, the owner chose to sell immediately rather than waiting to see what recreational licensing would bring. GLBG successfully closed the sale for $10.45 million, a valuation that would be nearly impossible to duplicate for a medical-only asset in today’s crowded California landscape.

Where Is the Buyer Demand Today?

Despite declining valuations in mature markets, major transactions are actively closing. While international markets (especially in Europe) are seeing a rise in large, all-cash deals, the most desirable states for domestic buyers include:

• Arizona: Currently leading the country in valuation, primarily due to strict license caps relative to the population.

• Nevada, New York, and New Jersey: Highly competitive markets with robust buyer demand.

• California: While valuations are down, it remains the largest market in the world. Drew notes that when massive, non-cannabis conglomerates (like major tobacco or alcohol companies) finally enter the space, California will be their primary target.

The Legal Translation: Protecting Your Value

Whether you are a buyer looking to capitalize on a historically low-priced asset, or a profitable operator seeking to secure a 5x EBITDA valuation, transaction success depends on how the deal is legally structured.

At Wicker Law Group, we translate these market realities into legal protections. We specialize in drafting ironclad purchase agreements, conducting thorough due diligence, structuring secure debt transitions, and ensuring regulatory compliance so your transaction actually closes.

If you are preparing to buy or sell, contact us today to align your transaction with the real-time market data of the nation’s premier cannabis business brokers.

You can read Ellen Holland’s full, original article, “Green Life Business Group® Brokers the Cannabis Industry’s Biggest Deals,” on MJBizDaily here.