The session will explore recent trends in valuing businesses and intellectual property in the cannabis industry. Appraisers often apply market-based metrics to historical data when performing traditional valuations. In the cannabis industry, history is not often indicative of the future and reliance on historical data may lead to inaccurate valuations. The value of businesses in established markets such as Colorado, Oregon, and Washington is different than the value of businesses in newly legal states or those anticipated to become legal in the near future. When multistate operators pay premiums to get into states, does it represent fair market value or strategic value? This session will address these topics along with valuing brands, the impact and treatment of IRC 280E in an appraisal context, and where to find industry data and resources.