Cannabis is legal in Massachusetts and there is no denying that this is going to be a booming business. Commercial real estate brokers, attorneys, property owners, architects, construction trades are all rushing to grab a piece of the pie.
There was a time that if you had illegal marijuana dealers in your neighborhood that would destroy property values. Those days are gone for the states that have legalized marijuana and have implemented all of the correct rules and regulations. Walking into a registered dispensary that must follow every rule and regulation is like walking into a high-end (no pun meant) retail establishment.
The cannabis industry will change the look of many areas; cannabis companies operating dispensaries have to install some of the most sophisticated security systems to protect the clients and the product. What most cities and towns have found is that dispensaries have less crime due to live streaming security and lighting. It is impossible to find a business to come to your city or town, redevelop a rundown area, create a thriving economic value that is more secure than most banks, and produce such a high tax revenue.
The thought of a dispensary in your city or town will change; it will be a well respected business in the community and do more for your city or town than a rundown liquor store. On July 1, Massachusetts will now allow approved licenses to open adult recreational dispensaries. Most likely on the 1st we will maybe see one dispensary but in the coming months more will follow. One major issue for opening a new dispensary is finding locations and town or city approvals. Many cannabis companies have been searching for retail, industrial and manufacturing properties in the state and with every location many issues to overcome. The cannabis business owner must be well funded and have the right attorneys who have worked with clients who have successfully completed licensing process, city or town approvals, real estate brokers who know where and what types of locations will work, correct architects that have the experience to design the facilities. The key is the more experience the people you need to work with in the long run will make the process much smoother. The successful early adopters from the commercial real estate industry will find that they will be the leaders for the industry.
We have consumer products on the market today that are much worse for us like cigarettes and alcohol, with zero health benefits and fewer regulations. My thought is marijuana isn’t going away, legal or not, why shouldn’t we take advantage of the benefits like the increased tax revenue, improved communities, much better use of our vacant retail stores and industrial space and put 1,000s of Americans to work.
Rick Kaplan is the event coordinator at the New England Real Estate Journal, Norwell, Mass.
