December 5, 2017
Whenever a pot law passes in a state, one of the questions is how it will stimulate the local economy. Articles have also been written about its impact on real estate, specifically, industrial real estate and the “cannabis lease.”
The state of Texas is not anywhere near examining cannabis economic benefits or commercial real estate impacts. However, 83% of Texans support legalizing marijuana in some form, according to Veronica Law with Brackett & Ellis PC in Fort Worth. With the next legislative session in 2019, “preparations are being made to advocate for reform,” Law says.
She also said that, from a bricks-and-sticks perspective, Texas is an ideal location for the real estate-intensive business growing, preparing and selling marijuana. If marijuana advocates get their message across to the legislators, Law said that, three to five years following, in her conservative estimate, “landlords, real estate brokers and attorneys could be mile-high in new business.”
For comments, questions or concerns, please contact Texas Commercial Real Estate News Editor Amy Sorter