Smoking marijuana isn’t legal in Colorado until January 1, 2014. In the meantime, cannabis is being grown and harvested in industrial neighborhoods on the outskirts of the city. This is raising the value of commercial real estate in Colorado.
Real estate impact of legalized marijuana.
According to the Colorado Department of Revenue’s marijuana enforcement division, the city of Denver counts roughly 650 medical and recreational marijuana dispensaries. Those storefronts are supplied by 910 grow operations and 166 infused product kitchens — all which legally occupy an estimated 1.5 to 3 million square feet of commercially zoned space in Denver’s outer industrial zones.
The article goes on to say that this equates to about 2 million square feet of leased property and 3 million square feet of purchased property.
Being from Denver, Colorado, we’re happy to see this. The concern with legalizing marijuana, as alluded to in the article, is that Colorado would spiral into chaos and ruin. If managed like any other industry, including tobacco and alcohol, there won’t be a problem and like only benefits. Now we wish we would’ve invested in that dispensary our friend started five years ago.