Cannabis Real Estate in California
With recreational cannabis now available in California, many have wondered what will happen to the already-saturated California real estate market. Legalization in Colorado, for instance, had a huge impact on real estate. Dispensaries in Colorado now outnumber Starbucks, 7-Eleven and McDonalds locations combined, and they even outnumber liquor stores by five percent. This change has led to a dramatic decrease in warehouse vacancies and storefronts, as well as an oversaturation of the market. And that hasn’t stopped people from moving to Colorado! For the last few years, Colorado has been one of the top ten states for growth—adding over 75,000 new residents last year, according to the U.S. Census Bureau. Will this pattern hold for California? It seems likely. We spoke to Dr. Jonathan Vaught, Founder and CEO of Front Range Biosciences, to get his insight. Currently, Front Range Biosciences is headquartered in Boulder, Colorado, but Vaught sees California as their next step for expansion. So far, he’s found trying to acquire California property as a canna-business owner, an interesting experience, to say the least.