Cannabis and Our Economy
When cannabis is legalized later this year, how will it affect our economy? Most predictions are positive, and many businesses are looking to cash in on this opportunity.
The Financial Post predicts a boom in demand for industrial real estate due to the space required for cannabis production. Second Cup is considering converting some stores into cannabis dispensaries as it struggles to compete in the coffee market.
We talked to commercial REALTOR® Matthew Vigue about how the coming changes could affect real estate in northern BC.
Government and Private Distribution
“The question for every province is distribution, and it looks like BC will distribute cannabis the same way alcohol currently is. There will be government stores and privately licensed stores. These privately licensed stores are starting to lease property even before regulations have been set, and are willing to sign long term leases when laws and regulations are finalized.”
Opportunities and Challenges
“There is a stigma that goes along with cannabis that a lot of landlords can’t look past, not to mention the uncertainty in regulations. I have personally seen many landlords jump at the opportunity of a very long term lease, while others are giving an immediate ‘no’ before even looking at the company. It’s an exciting time for this new opportunity but as always, it comes with its challenges.”
Are you gearing up to get into the pot business in BC? Talk to Matthew Vigue (250-961-7727) or any of our commercial REALTORS® for specific property suggestions. They can guide you through possible locations that would suit cannabis production and distribution in northern BC.
Getting ready to sell? Matthew and our commercial team can advise you on whether your property could be marketed to pot entrepreneurs, and what that could mean for your property’s value.
Call our commercial office at 250-596-2100.