Marijuana Real Estate: Interest, Acquisition, and Competition
The legalization of cannabis has changed the social attitude towards the industry. The industry has been gaining support, and there is increased demand in the market for real estate. Business owners are probing the market for real estate suitable for use in the cannabis market. There are various opportunities in the cannabis market and property that is eligible for use has seen a dramatic increase in price.
Legal Marijuana Industry
Since legalization the legal marijuana industry has experienced exponential growth each year. Current reports, assume that this trend is bound to continue. Recreational marijuana will only make these estimates and reports even larger. The marijuana industry will continue to require suitable real estate in order to grow. State and municipal regulations such as setbacks and drug-free zones affect the amount real estate actually available to those looking to get into the business.
Marijuana Industry in Michigan
Michigan residents voted to legalize recreational marijuana in November of 2018. As per sources, the business will begin in early 2020. Investors and entrepreneurs are trying to get an advantage by getting into the medical market before the transition begins. The recreational law in Michigan restricts most recreational licenses to applicants who already hold a medical marijuana license.
Prior to grant a license from the state, it is essential to select the right location in Michigan. As with any business, success depends on not only quality of service, but location. Specifically, your business should have a good amount of the market share in the region it is located and be discernable from its competition.
Detroit Dispensary
Many property owners are leasing space for dispensary owners in Detroit. Beyond a state and city license for a dispensary, you need a building that is properly zoned. An experienced agent will help facilitate the buying experience as well as ensure property purchased fits its intended use.
Detroit Michigan Map
There are numerous factors involved in potential real estate for Cannabis.
• Features
• Zoning issues
• Legal and Financial considerations
• Owning or Leasing
Real estate is an essential part included in the application process. It involves leasing, letter of intent, owning real estate, providing the deed, property tax clearance, etc. A marijuana real estate attorney can assist you with the entirety of the application process including any questions regarding the real estate. They can guide you with the advantages and disadvantages associated with owning v. leasing.
Work with Marijuana Real Estate Expert
The core strength of a firm is having fundamental knowledge in the industry. There are many obstacles and regulations changing and shaping the marijuana industry. In Detroit and the Metro Detroit area, our team can help connect you with service providers and business professionals who could assist you in your venture into the cannabis industry. These experts know to build business and teach you the tactics necessary to succeed in the cannabis industry.
Final Verdict
Opportunities to enter and thrive in the marijuana industry are currently available. They may not always be though. Interest in the cannabis industry is constantly growing, this means competition for you and your business. It is essential for you as a property owner or lessee to have the knowledge about this industry and what it takes to be successful. Our team is prepared to assist you with the most up to date information as possible, solutions for zoning issues, and tried and true business practices. Equipped with our team of legal and real estate experts will help you identify viable properties before your competition.
Get in Touch with licensed Marijuana Consultants.
We are eager to assist you in the acquisition of property. Our team of legal and real estate professionals are well equipped to assist you with any legal or real property issue you may have when looking for suitable real estate in Michigan. If you or anyone you know is considering a foray into the cannabis market, our expert team specializes in indoor facilities, acquisition of eligible properties, and sale or lease of a property. Please call us today for a consultation.