Build r2.2-261.1238 will not run with Forge 1.16.2 because it is missing a license in the mods.toml
Forge version 33.0.21
This is in my build environment (loading Quark as a dependency) but the same thing happens when using the latest available build from Curse in the regular Minecraft launcher.
[20:30:58] [main/DEBUG] [ne.mi.fm.lo.mo.ModFileParser/LOADING]: Considering mod file candidate C:\Users\sky01\.gradle\caches\forge_gradle\deobf_dependencies\vazkii\quark\Quark\r2.2-261.1238_mapped_snapshot_20200723-1.16.1\Quark-r2.2-261.1238_mapped_snapshot_20200723-1.16.1.jar Exception in thread "main" [20:30:58] [main/INFO] [STDERR/]: [java.lang.ThreadGroup:uncaughtException:1052]: net.minecraftforge.fml.loading.moddiscovery.InvalidModFileException: Missing License, please supply a license. (Quark-r2.2-261.1238_mapped_snapshot_20200723-1.16.1.jar)

In my experience this error happens on any mod that does not work with the version of minecraft you are trying to run. For example. The latest version of Quark works on 1.16.1, not 1.16.2. As such, it throws this error.

My mistake, I was under the impression that the 1.16.1 build was meant for 1.16.2. I'll be patient and wait for a 1.16.2 build :)