Business
Auctioning Off Cannabis Licenses? – How Does It Work, When is the Auction, and How Much are Licenses?
Can you bid on a cannabis license at an auction?
Cannabis License Auction, FL. Feb. 23-24 – The Cannabis10x License Auction-Style Event Features License Holders, Buyers and Investors Jockeying for Positions in Coveted States Such as FL, NY and More.
[mention Cannabis.net when you sign up for a free access to the Cannabis10x Network membership]
Cannabis10x is hosting a live and virtual Cannabis License Auction-Style Event February 23-24 in beautiful Sand Key, FL. In attendance will be a varied group, ranging from multi-state operators seeking first-in, strategic locations in limited license states (Florida, New York) to investors and single-state operators seeking Joint Ventures for the purposes of crossing state lines. From the most established states to those that recently opened that are limiting licensing, these attendees are a very effective group. License valuations range from $45 million to $2,500.
The following is an interview with co-founders of Cannabis10x, Jason Tropf and Holly Ford.
Cannabis.net:
Folks I am doing this personally today because I think you’re gonna’ love what you’re about to hear! I am talking today to the team who founded Cannabis Franchising! They then made a splash with their Cannabis Shark Tanks with great stars like Cheech Marin, Bruce Linton, and yours truly! (Laughter) and now they’re at it again doing something no one has ever done before… A Cannabis License Auction! Holly Ford and Jason Tropf welcome!
Jason Tropf (Cannabis10X)
Hi Curt. Nice to see you again… Happy to be here!
Cannabis.net:
So, what the heck is a Cannabis License Auction!
Holly Ford (Cannabis10X)
It is definitely going to be intriguing! Sellers and bidders come together in person (or virtually) to buy and sell. Sellers set a minimum bid and bidders deposit 10% until the state approves the transfer…. There will be a LOT of networking and quite a few strategic partnerships formed.
Cannabis.net:
How does this work… can anyone buy a cannabis license in the auction?
Jason Tropf (Cannabis10x):
Yes, they need to be 21…. But I’d like to emphasize to buyers: ‘Do your due diligence to make sure you meet the regulation requirements for the state in which you intend to buy’. All sales are contingent on state approval. Some states require state residency, some favor social equity only in the early phases, while others welcome everyone. (Bidders can sign up here: Register to Bid.)
Cannabis.net:
Who can sell a cannabis license in the auction?
Holly Ford (Cannabis10x):
Any owner of a cannabis license can sell their license in the auction. They just need to register as a seller. (The direct owner of the license must register as the seller on the website which can be done here: Register to Sell.)
Some sellers have requested we work with them outside of the auction. Cannabis10X can take those sellers on as clients. Clients can list as many licenses as they want and get the status as a Featured Seller as well.
Cannabis.net:
That’s great! What does a Featured Seller get? Anything special?
Holly Ford (Cannabis10X)
Featured Sellers can list an unlimited number of licenses. Most importantly, they have 5 minutes to directly pitch their license on the auction podium (or have the hosts pitch their license to the audience for them.) They also get increased exposure including on the main auction website, a featured listing on all auction itineraries, a listing on the front page of all of the bidder packages, they are listed in all press releases and marketing material… The increased exposure typically generates more investor introductions.
Cannabis.net:
OK, best guesses here… how much do you think buyers will pay for a license?
Holly Ford (Cannabis10X)
Historically licenses have sold for as low as $2,500 dollars and up to $70 million! Prices will vary by location and license type and valuations have a large degree of variance. Regardless, sellers have autonomy here. They set their own minimum bids, but all transactions are subject to seller approval so they may approve bids as low as they feel necessary to close the sale. A refundable 10% deposit is held in escrow on the day the bid is accepted. All of the Terms are listed on the registration page.
Cannabis.net:
Sounds perfect! Tell me more about the valuations.
Jason Tropf (Cannabis10X)
Some state regulations are much different than others which has a great deal to do with valuations. If competition is throttled by regulations, revenue is much greater per operator, making license values much greater. For example, certain states offer retail licenses that allow for a single retail location per license and that license type might be valued between $2,500 – $50k. In other states, a single license includes and allows for vertical integration: cultivation, manufacturing, and an unlimited number of retail locations under a single license. These types of licenses are valued in the range of multiple $10’s of millions.
Cannabis.net:
A lot of different licenses out there! What kind of license can people buy?
Jason Tropf (Cannabis10X)
License holders from across the entire supply chain are selling licenses. This includes cultivation, processing/manufacturing, retail and delivery/distribution. In some instances, the entire vertically integrated operation is included under one license. In states such as Florida, for example, unlimited retail outlets are allowed under a single license. Again, make sure you are educated in the states licensing requirements prior to bidding.
Cannabis.net:
Do you offer any help for due diligence prior to the auction?
Jason Tropf (Cannabis10X)
Participants can contact Cannabis10X or our auction’s prime sponsor; cannabis attorney and political candidate, Michael Minardi.
Cannabis.net:
What states can people buy licenses?
Holly Ford (Cannabis10x):
Participants can buy licenses in any legal state in the US that allows licensed cannabis businesses to operate, subject to state approval of the transfer of license. This includes some of the more coveted states like Florida and New York as well as established markets like Colorado and Oregon. Specific licenses are frequently being updated and can be found on the event site. We expect more than 100 licenses. (Cannabis10x.com License Auction event page )
Cannabis.net:
What happens if the cannabis license does not sell at the auction?
Jason Tropf (Cannabis10X)
Sellers have the option to become clients of Cannabis10X where we will continue to work with the license owner through our Mergers & Acquisitions division to locate a buyer or strategic partner.
Cannabis.net:
OK, now for the fun stuff… who is coming besides yours truly?
Holly Ford (Cannabis10X)
License owners, investors, acquisition teams, franchisors, multi-state operators, joint venture partners and single operators both domestically and internationally. We will be featuring international licenses as well which will attract a more global crowd.
Cannabis.net:
What kind of investors and acquisition teams are you referring to?
Jason Tropf:
Already in the 10X Network are a wide variety of investors and acquisition teams. This includes the Cannabis10x family of franchise brands (Cannabis10x Family of Franchise Brands). Investors range from wealthy individual accredited investors to family offices and franchise portfolio builders. Fund managers that manage funds between $10 million – $100 million and franchise portfolio owners that own anywhere from 200 – 2,000 franchise units. Also included are main street investors that expect to spend between $250k – $2 million as well as smaller investors who expect to spend $2,500 – $50,000.
Cannabis.net:
So, is this an all-business and networking event? Any fun planned for live attendees?
Holly Ford:
Yes! That’s why we added the live venue in Sand Key, Florida! Thursday evening will be drinks and swag bags, meet and greet, networking and a great speaker. Friday morning networking again followed by the auction. Many will be staying the entire weekend to continue forging strategic partnerships.
Cannabis.net:
How can a business get involved or gain exposure to your audience?
Jason Tropf:
Sponsor! Our legacy sponsor is taken, but we still have room for strong businesses on the bill. Sponsors even have an option that will allow them to speak to the entire live and virtual audience! Besides the obvious banners and promotional materials, sponsors will gain recognition on the Cannabis10x.com website for up to 12 months after the event and get free tickets to the main event. And much more! (Sponsors can learn more here: Sponsor Program)
Brief Description:
Cannabis10x.com:
Cannabis10x License Auction
Marriott Hotel, Sand Key, FL
Date: Feb 23-24, 2023
12:00pm EST
Virtual & Live Attendance
Video: https://youtu.be/gLFJrIxMGp0
More Information: https://members.cannabis10x.com/auction-event1668458277085
• ALL States
• Expecting 100+ Licenses
• Live & Virtual
•Joint Ventures
• Outright Sales
• Limited License States
• FL, NY, MI, CT, MO & More…
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).
The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.
India’s Indigenous LEO Satellite Vision
Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.
The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.
According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.
The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.
Regulatory Process Moves Forward
Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.
The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.
Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.
Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.
Broadband, Mobile Connectivity, and Strategic Applications
Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.
The company also intends to establish 20 to 22 ground stations across India to support network operations.
Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.
Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.
Major Step for India’s Space and Telecom Sectors
Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.
The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.
Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.
Fake Business Deals and Dishonoured Cheques Used in Fraud
Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.
In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”
Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.
Multiple Identities and Repeated Fraud Pattern
Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.
Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.
Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.
Multi-State Surveillance Leads to Arrest in Surat
A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.
Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.
Growing Threat of Corporate Identity Fraud
The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.
Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.
Experts Urge Stronger Due Diligence in High-Value Transactions
Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.
Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.
Investigation Under Digital Markets Act Gains Momentum
The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.
Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.
Industry Groups Demand Swift Action
Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.
Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.
In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.
Google Denies Allegations
Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.
However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.
Potential Billion-Euro Penalties
If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.
Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.
Wider Implications for Big Tech
The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.
A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.
As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.
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