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A real estate boom, powered by pot

Posted by   /  April 2, 2017  /  No Comments

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By David Gelles | The New York Times

UINCY, Mass. — At the edge of an industrial park in this suburb south of Boston, past a used-car auction lot and a defunct cheese factory, is an unmarked warehouse bristling with security cameras and bustling with activity. Until recently, the cinder-block structure was home to a wholesale florist, a granite cutter and a screen printer. Today, it is home to just one tenant: a medical marijuana operation called Ermont.

Legalized marijuana has already upset societal norms, created a large legal gray area and generated a lucrative source of tax revenue. Now it is upending the real estate market, too.

In the more than two-dozen states that have moved to legalize pot, factories, warehouses and self-storage facilities are being repurposed for the cultivation and processing of potent marijuana plants and products. Suburban strip malls and Beaux-Arts buildings have been reimagined as storefronts selling pre-rolled joints and edibles.

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  • Published: 2 months ago on April 2, 2017
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  • Last Modified: April 2, 2017 @ 9:22 am
  • Filed Under: Marijuana, Real Estate

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