Cannabis Legalization Is Helping Real Estate Industry In Colorado

   

There are many ancillary benefits to cannabis legalization. When some people think of the benefits of cannabis legalization, they tend to only think about cannabis stores and the tax revenues they generate. However, cannabis legalization has a butterfly effect. Cannabis legalization also boosts other industries, which we are seeing right now in Colorado’s real estate industry. Per Denver Business Journal:

The most visible pot real estate is the retail space in strip malls around the metro area that has gone to house dispensaries, with new operations going up throughout the year as various cities approved the sale of recreational pot.

But the sector of commercial real estate that has felt the biggest impact is industrial properties.

The pot industry is partially to blame for the Denver metro area’s record-low industrial vacancy rate, real estate experts say. Other causes include food distribution companies and a lack of large-enough parcels of land to build new industrial. But as far as Class B industrial space around 50,000 square feet are concerned, marijuana companies are the go-to tenants.

Industrial areas of most cities are dilapidated and run down. Spaces are hard to fill by real estate agents as a result. The cannabis industry is helping to revitalize those areas, and bring much needed jobs. Just about every metro area in the country has vacant industrial buildings due to downward trends in the industries that used to inhabit the facilities. If every state in America followed in Colorado’s footsteps, those industrial facilities could be occupied once again.

Anthony Johnson

Anthony, a longtime cannabis law reform advocate, was Chief Petitioner and co-author of Measure 91, Oregon's cannabis legalization effort. He served as director of both the New Approach Oregon and Vote Yes on 91 PACs, the political action committees responsible for the state's legalization campaign. As director of New Approach Oregon, Anthony continues to work towards effectively implementing the cannabis legalization system while protecting small business owners and the rights of patients. He sits on the Oregon Marijuana Rules Advisory Committee and fights for sensible rules at the legislature as well as city councils and county commissions across the state. Anthony helps cannabis business comply with Oregon's laws and advises advocates across the country. He also serves as content director of both the International Cannabis Business Conference and the Oregon Marijuana Business Conference, helping share the vision of moving the cannabis industry forward in a way that maintains the focus on keeping people out of prison and protecting patients. He was a member of the Oregon Health Authority Rules Advisory Committee, assisting the drafting of the administrative rules governing Oregon’s state-licensed medical marijuana facilities. He first co-authored and helped pass successful marijuana law reform measures while a law student at the University of Missouri-Columbia School of Law. He passed the Oregon Bar in 2005 and practiced criminal defense for two years before transitioning to working full-time in the political advocacy realm. His blogs on Marijuana Politics are personal in nature and don't speak for or reflect the opinions of any group or organization.