Inside the Northeast Cannabis Real Estate Boom

CANNANNEW REPORT

This article by Nadja Sayej was originally published on Leverage.com and is being republished with permission. On March 31, New York Governor Andrew Cuomo announced that the state would legalize medical and adult-use cannabis in the coming year. According to Cuomo, it’ll create over $350 million in revenue, and at least 30,000 jobs. “This is a historic day in New York, one that rights the wrongs of the past by putting an end to harsh prison sentences,” Governor Cuomo said in a statement. “It embraces an industry that will grow the Empire State’s economy and prioritizes marginalized communities so those that have suffered the most will be the first to reap the benefits.” New York is just one of 17 states across the country legalizing cannabis. In the coming months, marijuana plant-related businesses are going to be popping up all over the east coast, now that New York, New Jersey, Maine and Massachusetts have legalized cannabis, among other states with limited capacity (like Pennsylvania). A cannabis real estate boom is likely to follow. The global legal cannabis industry is predicted to hit $40.6 billion in global spending by 2024, which will be a 300% increase from 2019, according to a report from Arcview Market Research & BDS Analytics. But what exactly does this mean for commercial cannabis real estate? The industry consensus is that it’s tough to get a cannabis business going; whether it’s getting a license or getting a location. Though the dispensary boom is all over, it will likely flock to touristic towns like Great Barrington, MA, known as a skiing town, which now has five cannabis dispensaries in a town of 7,000. With cannabis coming to the states of New Jersey and New York, the market is expected to grow for adult-use cannabis starting this year in NJ,…

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Source : Inside the Northeast Cannabis Real Estate Boom

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