The State of Cannabis Real Estate in Michigan
Property & business owners across the Michigan state talk about how things are going in the recreational marijuana market.
Michigan state’s adult-use recreational marijuana industry continues to develop and with it the commercial real estate demand for grow house, lands, retail space, warehouse, greenhouse, production, processing, cultivation, extraction, irrigation, distillation & hydroponic facilities & grow space. When recreational sales went live on Dec. 1, only four dispensaries had been licensed and open to the public. Now almost 2 months later, an influx of new businesses are coming online almost every day.
Between Dec. 1 and Jan. 5, Michigan state reported $8.2 million in sales and $1.3 million in taxes from 26 retailers, six growers and a handful of processors, transporters and labs.
The rollout has not been without bumps. Long waits in line ups and product shortages have plagued the early days of legal marijuana sales. But companies continue to push forward through what is expected to be a year of uncertainty across the cannabis industry in Michigan state.
Property owners and other businesses are still adjusting to the cannabis industry’s real estate requirements and it’s pros & cons.
As marijuana becomes mainstream in Michigan professional realtors, landlords and business owners are noticing a surge in demand for property sales and rentals all across the state.
Apartments, rooms, hotels, bud & breakfast, 420 friendly landlords, Air bnb rentals, testing labs, even arena owners, permit & license firms as well as business insurance, financial, banking & 420 friendly banks and many more are opening up their doors/properties to recreational users.
