Is cannabis legalization causing a new high in real estate markets? Experts in the field seem to think so. Images of people relocating to other states in search of better access to the medicine they need may come to mind. But it’s not just people looking to consume legal weed who are causing a new high in real estate markets. It’s the people who are looking to grow it.
Follow The Green
Now that more states are starting to get in on the Green Rush, more business owners and growers are making their love of the plant public. Marijuana industry hopefuls find themselves making what might be the most important decisions of their lives. Or at least, of their career aspirations. They are considering the possibility of completely uprooting their lives to follow the green. Literally.
Real estate agents and other professionals in the field have noticed a recent boom in the demand for suitable spaces for those in the legal cannabis industry. While it would be understandable to think that the spaces in demand are storefronts, this is not actually the case.
Those working in the property and real estate realm say that the majority of people moving to states with legalized cannabis are looking for appropriate buildings to grow their plants.
The Grass Is Always Greener
So why is the demand for space overwhelmingly for growing, rather than selling?
Part of the reason may be due to the amount of red tape involved in opening and operating a dispensary. The process for obtaining a permit or a license to legally sell cannabis varies state by state. It gets even more specific on a micro level. Different towns, cities and municipalities have their own local ordinances regarding the legal marijuana industry.
Because of this, and because of the increasing need for plants and products, many are choosing to get their hands dirty and sink their nails into the cultivation side of things. And while growing cannabis outdoors is less expensive than indoor grow operations, those in the know are choosing to bring their plants inside.
Although the allure of a less expensive grow operation is strong, the factors working against that option is stronger. A successful outdoor grow is dependent on consistent climate, including ideal levels of humidity, sunshine and rainfall. It’s hard enough to accomplish that, but then you also have to consider things like plant-ruining pests and environmental catastrophes like wildfires.
Cultivating cannabis indoors makes it easier for growers to control all of these variables. This control makes indoor growing, although more expensive, appealing to those in the industry. And so, growers are renting out large, industrial spaces. Once they secure their venue, they’re able to customize it to their liking and tailor it to their specific needs.
Final Hit: Why The Green Rush Means A New High In Real Estate Markets
In true “rush” fashion, nearly every industry is affected by the spreading legalization of cannabis.
While some are finding relief in getting easier legal access to the herb, others are taking advantage of the new business opportunities legalization presents. For growers, this means that they can openly rent spaces to cultivate their plants, which in turn is causing a new high in real estate markets. If nothing else, the evidence is clear and compelling: cannabis legalization stimulates all areas of the economy.