The timing for this burgeoning industry is not ideal; already low vacancy rates in strategically desirable industrial areas coupled with the continued growth of e-commerce has put pressure on cannabis operators to pony up higher than market rents, driving up square footage costs seemingly by the week. The need to secure property in order to be licensed to operate has thus far not dissuaded those willing to take on substantial financial risk in order to get a piece of this multi-billion dollar (and growing) industry.
While the marijuana laws vary state to state in the United States, there is a need for commercial real estate within the legal marijuana industry. From the need for warehousing the final products to the manufacturing of the edibles (which a growing number of users prefer).
Millions of dollars are being spent to make new and old warehouses suitable for cannabis cultivation around the country. Most business owners, investors, and commercial real estate brokers are aware of their use, but can New Jersey be missing out on a major economic opportunity because marijuana is not legal?