You might think this budding industry is grand. You might think it’s a half-baked idea at best. Regardless, it’s here to stay.
IIP, the only real estate company on the NYSE focusing on U.S. cannabis ventures, owns over a million rentable square feet spread out over 11 states, with 100% of the land leased with a weighted-average term of 14.9 years. The demand is clear, the profits just keep getting higher, and with IIP recently acquiring its second California property, there’s bound to be explosive growth of opportunity over the coming years.
California is particularly well-placed to enjoy this new market. We are the home of Flower Power and the Summer of Love, after all, but we combine this cannabis-friendly cultural heritage with top-of-the-line tech and a diverse crowd of powerful investors. It’s getting harder to turn a profit with traditional crops, what with drought and crazy weather, but even mediocre land can sprout decent marijuana – it’s called weed for a reason. Plots you can’t shake for agriculture or development, even at low prices, might be just the ticket for a new entrepreneur.
More than just arable land, this is a venture with dozens of steps that require a variety of properties: labs, stores, warehouses, plant nurseries, art studios, vape shops… even pets are getting in on the action. You can’t feed your pooch a brownie, but a couple drops of cannabis oil will help take care of his separation anxiety.
There’s still time to board this train before it’s left the station. Whether you’re a licensed broker, a real estate attorney, a veteran investor, or a newbie dipping your toes into the business, cannabis is an exciting new venture that should be getting your blood pumping, even if a new challenge can seem a little scary. The early players get to define the rules of the game, so it’s a chance to make a lasting mark on this youthful sector.