by James Bunting | AZ Big Media
One of the most talked about ballot initiatives this year has been the Arizona Marijuana Legislation Initiative. If it makes it onto the ballot and is approved by voters, the possession and consumption of marijuana would be legal for people 21 years old and older. A 15-percent tax would be levied on the sale of marijuana and revenue would go toward education and healthcare.
Passing of the initiative could impact school and marijuana enthusiasts, but there could also be an impact on Arizona’s real estate industry.
It’ll be a very specific type of property that can benefit from legalization of marijuana. Along with storefronts, cannabis start-ups could be looking for new spaces for their cultivation centers or greenhouses. Finding the right property for such a purpose could prove to be difficult.
Ryan Hurley can be reached at rhurley@roselawgroup.com
