A cannabis multistate operator recently sold a retail permit for an as-yet unopened cannabis store in a Boston suburb for $1 million, which local media reported is a buyer-friendly price.
Arizona-based Mint Cannabis, which has locations in five states, transferred its retail permit in Belmont, Massachusetts, to a group of local investors, the Belmont Voice reported.
The transaction sheds light on retail valuations in the Massachusetts cannabis market, which recorded a record $1.65 billion in adult-use sales in 2025.
What is a Massachusetts cannabis retail permit worth?
According to one local official, that’s “on the low side” of what a marijuana store in Massachusetts is worth.
“I was also told that this seemed to be on the low side of other transfers happening in this industry,” Belmont Town Administrator Patrice Garvin said, according to the Voice.
The buyer is a group called Clover Partners, according to the Voice.
State business records show Clover Partners is comprised of three Massachusetts men and one Rhode Island resident who started the company in January “to apply for a license with the” state Cannabis Control Commission.
Are Massachusetts marijuana stores successful?
It’s not entirely clear why Mint failed to open at the location despite first applying for a permit for the site in 2020, according to CCC records. Garvin told the Voice that “the cost of rent” was a factor.
As in many other cities, there’s a limited amount of real estate in Belmont where a cannabis retailer can legally operate. There is already one other marijuana store in town, according to the Voice.
According to Mint’s 2020 business plan, the company planned to launch the store with $1.5 million in capital and projected $10.6 million in annual sales by its third year in operation.
Other operators in Massachusetts have seen plans foiled by strict local zoning rules.
One retailer was recently denied permission to relocate because the new proposed location was too close to a Starbucks, the Taunton Gazette reported.
The sale comes as several changes to Massachusetts cannabis law take effect.
One change allows companies like Mint to operate a maximum of six retail permits in the state, up from three.
