Thursday, February 25, 2021 11:04 pm

Land rush is on in states that legalized cannabis

By Peter Grant | Wall Street Journal

Voters in four states last year approved the recreational use of marijuana. That is likely to launch a land rush there for warehouses and retail properties.

Similar measures in other states have sparked heated competition for these types of real estate. Owners have been able to charge as much as three times market rates when selling or renting to businesses involved in the cultivation, distribution, processing or sale of cannabis, according to brokers, landlords and cannabis industry executives.

Landlords can charge this pot premium because properties typically have to meet a range of local restrictions to qualify, such as being a certain distance from churches or schools.

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