For years, getting into the cannabis industry was a high-stakes game reserved for the well-capitalized. Entrepreneurs shelled out millions for real estate, lawyers, and license applications thick enough to stop a door. Some waited months—or years—only to be denied a license altogether.
Now, the tables have turned. A new wave of cannabis businesses is hitting the market for prices that look more like single-family homes than multimillion-dollar ventures. In some states, you can buy a fully operational dispensary for less than $500,000.
“Right now [as of November 2025], we’ve got around 200 exclusive listings,” said Drew Mathews, CEO of Green Life Business, one of the industry’s largest cannabis brokerage firms. “The hottest markets are California, Nevada, Arizona, New Jersey, and New York. We’ve closed three or four deals in New York in the last ten days alone.”
Also read: The Hidden Shortcut to Launching a Cannabis Brand
Even in smaller markets, the barriers to entry are coming down. “In Montana, where I live, it’s very affordable to buy into cannabis,” said Erica Sciati, a real estate and cannabis business broker. “You’ve got great staff who really know what they’re doing—whether it’s a grow, manufacturing, or dispensary—and it’s also just a tremendous place to live.”
Ben Rattner, a New York-based cannabis attorney, said many buyers are thinking strategically. “There are definitely founders out there who will move opportunistically to acquire underperforming dispensaries and will eventually rebrand them and bring a more cohesive experience to expand their footprint across whatever region.”
A New Kind of Buyer
According to Mathews, a record number of first-time buyers are entering the market. “We’ve seen the highest percentage of new buyers we’ve ever had in our ten years of business,” he said. “Roughly 25% to 30% of …
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Author: Debra Borchardt / High Times
