Real Estate Will See a Ripple Effect from Cannabis Legalization

Growers that aren’t the only business creating new real estate demand as a result of cannabis legalization. There is a ripple effect that will take place from related ancillary businesses, like fan manufacturing and soil specialists, which will also grow as a result of legalization. Recently, businesses and professionals related to the burgeoning marijuana business gathered at the MJBizCon conference to discuss that most pertinent issues to the industry. Peter Padden, an associate at Lee & Associates, attended the conference, and we sat down with him for an exclusive interview to talk about the tone of professionals at the conference and how he sees this new industry impacting commercial real estate.

GlobeSt.com: Tell me about the recent MJBizCon conference in Las Vegas, and how the industry is expected to grow?

Peter Padden: According to the show organizers there were 18,000 people in attendance this year. People only see grow houses and dispensaries, but there is an entire industry of support businesses that work only for the cannabis industry and never touch a leaf. There are fan manufacturers and vapor pen vendors, soil specialists, security firms and other professional services companies who are focused on the industry.