Cannabis real estate refers to any property used for cannabis production, processing, or distribution. It can be a warehouse, greenhouse, office building, or any other type of property used for cannabis-related purposes.
The cannabis industry is snowballing, and as a result, the demand for cannabis real estate is increasing. Read on to get a better knowledge about the cannabis real estate.
Where to Find Cannabis Real Estate?
Just like chattels reals you can find cannabis real estate in various places. The most obvious place to find cannabis real estate is on the cannabis marketplaces like 420 Property and other famous sites. These marketplaces are devoted explicitly to cannabis-related properties.
However, you can also find cannabis real estate on traditional real estate websites, but they won’t be plenty of choices to choose from.
How Much Does Cannabis Real Estate Cost?
The cost of cannabis real estate depends on many factors, such as the size and location of the property. For example, cannabis warehouses in San Diego can be bought for $700-900 per square foot and leased for about $30 per square foot a month. However, cannabis warehouses in Las Vegas can be bought for $500-800 per square foot and leased for about $25 per square foot a month.
How to Buy Cannabis Real Estate?
Buying cannabis real estate is different from buying traditional real estate, except that cannabis properties are mostly sold without an inspection. It’s up to you if you want to buy cannabis property without inspection or not. Suppose you do decide to purchase cannabis real estate. In that case, we recommend that you contact a cannabis attorney first so they can help with all the legal issues related to cannabis properties.
Types of Cannabis Real Estate
There are several types of cannabis real estate, including warehouses, greenhouses, retail, and extraction/testing facilities.
Warehouses are the most common type of cannabis real estate. They are used to grow cannabis, store it, or distribute it from.
Greenhouses are often used for growing cannabis because they can control the climate and light. They can be used inside or open air.
Retail properties are mainly used for dispensaries or cannabis cafes. They are usually small and located in busy areas.
Extraction/ Testing Facilities
The extraction/ testing facilities extract THC from cannabis plant material. They can also be used as laboratories to test the quality of different strains.
How to Lease Cannabis Real Estate?
Leasing cannabis real estate is an excellent option for businesses just getting started in the cannabis industry. Leasing allows you to avoid the high upfront costs of purchasing a property. There are many different cannabis leases, so before deciding to sign any leases, it’s advisable to discuss with an attorney.
Cannabis Real Estate Laws
Each state has different laws when it comes to cannabis real estate. It’s essential to consult with an attorney in your state to verify set laws are not ignored. Depending medical and recreational cannabis, be reminded that ls sets varies with nation.
What To Consider For In A Cannabis Real Estate
The main features to consider when purchasing cannabis real estate are:
The property site is essential consideration when purchasing. Depending on your plans, you may want cannabis real estate in a community well-suited to your business needs. For example, if you plan on opening up a cannabis dispensary, it is essential to find a property located in an area with a high population density.
When purchasing cannabis real estate, it is essential to consider the accessibility of the property. The location should be easily accessible to both customers and employees. It is also essential to ensure that the property’s location is safe, with plenty of parking spaces available.
The condition of the building is another vital factor to consider when purchasing cannabis real estate. Stuff should be in a stable state as well having ample space for your business needs. It is also essential to ensure that the property is suitable for a cannabis business or the intended goal.
Zoning and Permits
Before purchasing cannabis real estate, it is essential to ensure that the property is zoned correctly for cannabis businesses. Sometimes you maybe be required to do permit applications to use the property for cannabis businesses. Before purchasing cannabis real estate, be certain that you got right all this information.
When purchasing cannabis real estate, it is essential to consider the available business opportunities. The property should suit your business needs and have sufficient space for your employees. For example, if you plan on opening a dispensary, the property should be large enough to accommodate customers and have adequate parking space.
It is essential to note the amenities that are inclusive of the price. All required amenities should be obtained for the property. For example, if you plan on using the property for cultivation, it is essential to make sure that the property has ample space for growing cannabis if that is your goal.
Real Estate Trends
Real estate is a rapidly growing industry, and the cannabis industry is no exception. Trade for cannabis real estate will continue to grow notably in future. It is vital to stay ahead of the trends and purchase a property while prices are still affordable.
Things to Be Aware of
You should be aware of a few things when purchasing cannabis real estate. Considering the property zone is vital for cannabis businesses.
Ensuring that the property has sufficient space for your labourer and buyers is crucial. You should be aware of the business opportunities available with the property. Finally, you should ensure that the building fit and broad space.
Cannabis real estate is a brisk expanding enterprice. If you are thinking of purchasing cannabis real estate, it is essential to consult with an attorney in your state to make sure that you are following the correct laws.