76. Liquor Licenses – any business that wants to sell beer, wine, or hard liquor needs a liquor license in the state they operate.  There are a variety of license types with some being much more valuable than others; ability to sell hard liquor with no food sales requirement at a bar is much, much more valuable than the ability to sell beer at a convenience store.

Some states and/or counties are very strict with the issuance of licenses; this creates value for the business owner as a barrier to entry for competitors.

If you can either buy or obtain a liquor license through some type of state lottery, you can obviously make money by operating a business that sells alcohol.  However, sometimes you can make money simply by selling the license for more money than it cost you to obtain it.

If the government constrains the amount of liquor licenses issued, the license itself can have value.

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