Does Cannabis Legalisation Boost House Prices?


Legalising cannabis brings several obvious benefits, including an end to racially and socially unjust drug laws and increased access to medical marijuana. However, doing away with prohibition may also spark some more surprising advantages, with one study indicating that house prices tend to increase following cannabis legalisation. Related Post How Legalisation Can Reduce The Carbon Footprint Of Cannabis How Cannabis Legalisation Affects House Prices Property values are influenced by various factors, including local facilities and amenities, employment opportunities, healthcare, schools, and crime rate. According to new research conducted by Real Estate Witch, cannabis legalisation drives up house prices by affecting each of these variables. This effect was first seen in Colorado after the state legalised recreational cannabis in 2012. Average property prices across the state jumped soon thereafter, as the newly legal cannabis industry created many jobs and business opportunities. Crime also fell, largely because cannabis possession was no longer considered a felony, resulting in a drop in unnecessary arrests and allowing law enforcement to focus on preventing real crime. Elsewhere, the state of Oregon dedicates 40 percent of its cannabis tax revenue to funding schools. In contrast, Washington state uses the taxes it raises from legal weed sales to provide free healthcare to those who can’t afford private insurance. Consequently, these states have become more desirable places to live, illustrating how house prices can be radically affected by cannabis legalisation. How Much Do House Prices Go Up By After Cannabis Legalisation? In real terms, the amount by which property values increase once weed becomes legal is staggering. An analysis of data collected from across the US revealed that between April 2017 and April 2021, house prices rose by $17,113 more in states that passed recreational cannabis legalisation measures than in those where pot is either illegal or only allowed…

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