Cannabusiness

Legal Marijuana And Property Values

Published

4 weeks ago

November 13, 2023

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Ohio just became the 24th recreational legal state and over 50% of the country live where you can got to a dispensary and buy a pre-roll, gummies, etc. States with legal weed benefit greatly from tax revenue, usually more than alcohol review and crime doesn’t increase. But what about legal marijuana and property values?

On average, in states where recreational marijuana is legal, cities with retail dispensaries saw home values increase $22,888 more than cities where marijuana is illegal from 2014 to 2019 according to the National Association of Realtors (NAR).

In general, states with full legalization are also states with a younger population and a larger industry bases, attracting a more broadminded population. Also, a Gallup poll suggested household with over $100,000 income are most likely to support legalization.

Legal Marijuana And Property Values — Photo by Kindel Media from Pexels

There are downsides in the home real estate market for cannabis users. Like tobacco, weed can leave an oder in a home which can directly affect selling/leasing a property. A survey by NAR released in April of 2023 discovered in states where medical marijuana is legal and roughly two-fifths of members in states where both medical and recreational marijuana are legal had no issues leasing a property after the use of marijuana in a property (similar to 2021). When there were issues, the most common issue was the smell, which 30 to 35 percent of these members had encountered.

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With commercial real estate, there is also interesting data. States where medical and recreational marijuana use is legal, there has been an increased demand in warehouses and storefronts. There is also an increase in property purchasing over leasing in the past year, the majority have seen the increases with warehouses, followed by land, and storefronts.

Another study shows residential property values in legal states outpaced those which still ban marijuana by $48,983 over the past decade. This recently released research is from Real Estate Witch, an online publication owned by Clever Real Estate.

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Brian Mast

Some GOP Show Love To Marijuana

Published

1 day ago

December 8, 2023

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Traditionally, the GOP has been the nemesis of expanded marijuana legalization. Senator Mitch McConnell (R-KY) has been proud of preventing national movement. They party also has been quick to blame cannabis use for everything including mass shooting and the fentanyl crisis. But over the last couple of years, a few Republican champions have emerged and it is a bit startling.

The cannabis industry held its breathe with the election of the Biden/Harris ticket. Vice President Harris had been a foe and there was fear about what would happen when they entered office. The reality is nothing happened. Despite Biden’s promise of helping, it took 3 years for him to consider cannabis rescheduling. He has refused to nudge Congress to support federal legalization and Harris has remains out of site.

In a surprise to most, Rep. James Comer (R-KY), the chairman of the House Committee on Oversight and Accountability, came out in support of the taxation and regulation of recreational cannabis. DC is overseen by Congress and has been begging for statehood for generations. Currently, they still have the federal elected overseeing how parts of the city are run. In 2014, Nearly two-thirds of D.C. voters favored legalizing recreational marijuana for in a 2014 ballot initiative. In the District, the possession of up to 2 ounces of marijuana is decriminalized for residents 21 years or older for recreational or medical use, according to the district’s marijuana laws. Comer is very open to following the voter wishes.

Also, Rep. Dave Joyce (R-OH) reintroduced the Strengthening the Tenth Amendment Through Entrusting States (STATES) 2.0 Act, signaling a renewed effort to end federal marijuana prohibition in states where it is legal. And it is being driven by Republicans. Co-sponsored by Rep. Lori Chavez-DeRemer (R-OR), Brian Mast (R-FL), Earl Blumenauer (D-OR) and Troy Carter (D-LA), it goes beyond decriminalizing state cannabis programs by proposing a federal tax-and-regulate framework for the cannabis industry.

You also have Rep Nancy Mace (R-SC) has lead efforts for SAFE Banking and more and has worked across the aisle to support the cannabis industry.

While this is a good sign, it doesn’t mean it has full throttle support from the GOP. Ohio is a a hot mess as Republicans feel voters were confused when 70% voted and passed recreational marijuana, they are now working to gut it. They can learn from Governor Ron DeSantis (R-FL) who told Florida voters who doesn’t care 70% voted for cannabis, he knows better.

There is a saying about politics make strange bedfellows, I guess marijuana makes odd cannabis buddies.

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Bitcoin

Cryptocurrency Has Not Changed The Cannabis Industry

Published

4 days ago

December 6, 2023

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It was the buzz of the marijuana world as legalization become the normal for more states. Everyone wanted to jump on the bandwagon. Cryptocurrency was offered as the answer for dispensaries who couldn’t take mainstream credits. Plus, weed aficionados could make money with “pot coins”. At the time, the industry was flooded with conferences and crypto was a topic on stage and at the wrap around events. Mainstream and marijuana media ate it up. But, cryptocurrency has not changed the cannabis industry.

The biggest example cyptocurrency isn’t solving any major cannabis industry problem is the excited around the slow-moving Biden administration moving to reschedule and the Senate embracing SAFER Banking. Both will have a significant impact on the entire industry generating jobs, investment and hope. Together they will create an atmosphere for mom and pop businesses and large operators to have a fair chance at success.

One of the most high profile boom and bust crypto moments was in 2018. High Time just on the early coin moment and announced they would accept it as a way to invest in their IPO. Days later, theyremoved bitcoin as a payment option for its the yet to happen IPO.

Multiple firms wanted to exploit a perceived loophole to sell cannabis by credit card. Each company got close and then the effort failed. Posabit, now a specialized point-of-sales system for dispensaries, tried and made it work for a short period. In fact, the site updated its FAQ with a statement, saying “Why is credit card processing illegal? (…) Simple: Cannabis is categorized as a Schedule 1 controlled substance at the federal level, which makes it illegal. This hinders credit payment processors from deliberately working with cannabis businesses.”

Eaze, tried to find a workaround to be able to charge credit cards, by obfuscating the nature of the charges. Then, Smoakland tried to do the same thing but surrendered when their process partner terminated the relationship.

“Crypto has not changed the legal cannabis industry. It is not an accepted payment method at dispensaries, and I have not seen vendors using it either. However, crypto is popular for making black market purchases, as it is global and harder to trace.” stated Jesse Redmond, Head of Cannabis for Water Tower Research.

And how are the marijuana crypto companies doing?

PotCoin (POT) is trading at $0.00083517.

Tokes (TKS) is trading at $0.001874.

CannabisCoin (CANN) is trading at $0.004641.

Cryptocurrency has not changed the cannabis industry, but federal action will.

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black market

Is New York Promising False Hope To The Marijuana Industry

Published

4 days ago

December 5, 2023

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When New York State voted for full recreational weed in 2021, the industry salivated with the prospects of the market. They thoughtful crafted a plan to help move existing medical dispensaries to recreational, providing they jump through hoops and spend hundreds of thousands. With existing population and a huge tourism population, people were willing to invest. At the last minute, NY changed everything and today there are 23 legal operators and over 1,500 unlicensed dispensaries in NY racking in hundreds of millions a month. And not paying state or city taxes.

Now, is New York promising false hope t the marijuana industry again with the state Supreme Court stepping in?

New York City has proven unable to close the unlicensed dispensaries. Giving fines or imposing temporary closures at a rate of 1-2 a week, they recently turned to a unique solution. Rather than focus on expanding legal retailers, they established a policy to punish landlords with hefty fines for allowing unlicensed dispensaries in their building. Whether the landlord knows of the true nature of the business beforehand, is irrelevant. And now it has gotten even messier.

A New York judge approved settling a lawsuit filed by a group of service-disabled veterans. The Court granted the group a provisional license and paved the way for more than 400 provisional licensees to open marijuana dispensaries. The new business owners would have to compete against the existing retailers. The veterans businesses will be able to finally open after a painful and expensive wait. Most likely they will miss the cash rich holiday season.

By allowing this group new licenses, the state now has to focus on clearing backlogged provisional licensees as mandated by the court. New applicants will have to wait even longer for licensure. It appears April is the current target for the net way of licensures and it is drawing criticism.

A representative of the New York Cannabis Retail Association told one media outlet 30 members of his association are on the verge of bankruptcy and can’t wait until April. The 1,500 dispensaries are stocked with an estimated $500 million in products. It seems part of those are from the illicit market, which only increases income for black market.

It has been quickly proven the market has a big demand, but New York will have a long way to go to solve the mess they started and retrain consumer into new purchase patterns.

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