This could be a connection problem with your network. Your machine cannot connect to the machine where the license server is running in your local network for any one of a number of reasons. This message means V-Ray is unable to obtain a license for your current session.
License Errors After I install V-Ray and try to run it, I get the message 'Could not obtain a license'. See the License Errors section below for information on how to solve the issue. This issue will need to be resolved before you can use V-Ray.
If the message 'Could not obtain a license' appears, then either V-Ray has no access to the license server (if -200 appears at the end of the message) or no license is available (if -98 appears). If your Render Setup dialog resembles the image on the left, V-Ray is correctly installed, licensed and ready to use. Issue with license must be resolved before you can use V-Ray
