The cost of starting and operating a commercial cannabis license depends on several factors.  The brick and mortar cost of your location needs to be one of the first considerations.  Depending on where you decide to operate your local costs and taxes will be determined.  Make sure you understand how the local taxes work when they become due, what the penalties for non payment are, and how they are assessed.  These are all critical business factors that need to be calculated in your budget and will change with the location.

The size of the operation will vastly change the cost depending on the necessary modifications that need to be made, such as ADA mandated access etc. 

The license type greatly influences the process and the cost of the licensing.  Even though all license types will need security, the size of the location, and the type of location will change as will the expenses. 
The license fees may depend on your gross sales or license type as well.  On the more inexpensive side of things an Event license, or a delivery license tend to be on the lower end of the spectrum, where retail outlets, labs, manufacturing facilities and cultivations tend to be more pricey.   We have had clients spend anywhere from 50 thousand dollars to bring their license to operation, and over 3 million on the opposite end of the spectrum until licensing is achieved. 

The difference between Hemp and marijuana has changed over the years and changes depending on what rules you are seeking to apply.  For instance the federal government has passed a new law that allows for HEMP to be cultivated under certain restrictions provided the Delta 9- Tetrahydrocanabidiol levels are below .03.  Testing restrictions and methods are still being developed and many labs are ill equipped to follow these standards particularly in California.

As a property owner in CA there are several challenges faced with when one considers renting or leasing to a cultivator or cannabis operator, irregardless of the licensing aspect.  There are protections worked into the new laws that protect property owners whose tenants are operating within the confines of the law.  However, both Federally and locally, these protections can be challenging and are certainly no guarantee. 

Other considerations for example is how the property is financed.  This is an issue for several reasons.  One is that if the property is mortgaged by a bank chances are unless it is a cannabis friendly lender, there are prohibitions within the loan documents that limit the rights you have to leasing to said tenant.  Banks routinely appraise their commercial properties, mostly on an annual basis, so even if the loan is given and then the operation begins the loan may be called if violating the loan agreement is discovered.  We’ve had clients who were not even scheduled for appraisals or visits from the bank, but the representative was able to determine the use based on the public record, google earth, or by simply driving by.  Once the note is called finding a new lender can prove itself nearly impossible.  Understandably, a private lender may have less issues with the cannabis but may seek to charge a premium knowing the restrictions of you going to banks for funding given the intended operation.    
Properties that are paid off have their own set of issues, as asset forfeiture may be a choice on the part of the government and not having a lender may tend to make the property more enticing as it may be seen as an easier target for asset seizure. 

Talking to a lawyer who understands this industry can serve to mitigate some of these issues in their entirety, and  diminish the possibility of property loss. 

Another issue a property owner needs to consider is the lease limitations and make sure to  lease only the intended area to the tenant.  Sometimes counties restrict the number of permits and type of permits allowed on the parcel.  So, if a tenant rents to one farmer the maximum allowed to be cultivated as per the county ordinance they can not turn around and lease to another farmer. 

Also, counties often link the grow under the license to either a person, or the parcel.  This is imperative to consider.  If the permit is given to the individual make sure you are protected if that tenant decides to pick up and move to another location, they may opt to take the permit with them, and you need to understand how that could affect your property rights, in that it may prohibit leasing to another applicant in the future.