HOUSTON--Taylor Consulting Inc. and its newly formed real estate division, Third Avenue Development, is planning on exploring new opportunities in commercial cannabis real estate.

“In the course of our nationwide research, we quickly identified a major shortage in commercial real estate available to this industry,” says TAYO CEO Scott Wheeler. “Investment dollars are flowing into the cannabis industry. By adding suitable agricultural and retail properties to our portfolio, we plan to give our investors access to a piece of that growth without having to purchase any property themselves. We'll primarily scout properties in regulated cannabis zones that are primed for redevelopment and resale.”

ArcView Market Research announced Monday that the U.S. market for legal cannabis grew 74 percent last year to a value of $2.7 billion, up from $1.5 billion in 2013. If trends continue, ArcView forecasts that 14 more states will allow adult-use cannabis over the next five years.