In 2016, we wrote about why brokers should be proactive about pot.
Now that we're past the election, we wanted to provide a quick update to make sure you know where things stand in your market.
There were nine states looking to add new legislation regarding marijuana, and of those nine, eight passed. Recreational marijuana use is now legal in California, Maine, Massachusetts and Nevada, while medical use is now legal in Arkansas, Florida, Montana, and North Dakota.
Arizona was the only state that failed to pass, with Proposition 205 for recreational marijuana losing by a relatively slim margin of 51.9% (no) to 48% (yes). Meanwhile, the biggest landslide goes to Florida, with Amendment No. 2 for medical marijuana passing with a whopping 71.2% yes and only 28.7% no.
Here’s a quick breakdown of where marijuana is now legal, with new states in bold.
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Dakota
- Rhode Island
- Washington, DC
Many are speculating on which states will be next in proposing legislation on marijuana for either recreational or medical purposes, but for the moment it’s important to learn how the industry will impact commercial real estate in your state.
In Colorado, I know there are several continuing educational courses centered around marijuana that brokers are able to attend, so be on the lookout. These courses can be helpful for early adopters who serve the industry directly as they work with landlords to lease space to tenants. They can also just help brokers understand the marijuana industry and how the new legislation will impact rates and prices in the overall market.