The legalization of the cannabis industry has led to many changes in the world. Out of all the changes, one such change is a big boom in the real estate sector. Due to the legalization of cannabis products in many parts of the world, their demand has increased a lot over time. It has also contributed to strong growth in the real estate industry.
On various fronts, the real estate sector has shown many positive signs due to the evolvement of the cannabis industry. Before we delve deep into this subject, we must tell you in brief about the growth potential of the cannabis industry.
According to the market research firm, Grand View Research, the global legal marijuana market stood at a value of USD 17.7 billion in 2019. And it is expected to see a growth at a CAGR of 18.1% during the forecast period, 2020-27. Here is all you need to know about the impact of the cannabis revolution on the real estate sector:
More Investment Opportunities
The huge growth in the cannabis industry has led to the availability of more investment opportunities in the real estate sector. Every cannabis business needs warehouses, medical dispensaries, land space, and recreational retail stores for storage as well as running a business.
Now, professionals in the cannabis industry are looking for storage spaces and it has led to a big boom in this real estate market. Moreover, now cannabis entrepreneurs can easily sell a cannabis business by contacting any real estate marketplace online and make an investment as per their desire to make a big profit.
Relief for Retail Rental Spaces
The commercial real estate industry has witnessed a big hike in its growth due to the legalization of marijuana. Before the cannabis wave, both industrial and retail rents were going through a decline due to the shrinking demand for rentals.
One of the reasons for it is the rising competition from the online sales that offer aggressive competition to the traditional brick-and-mortar outlets. But now, the cannabis revolution has contributed to more demand for retail rentals as cannabis businessmen require space for storing their cannabis products.
More Job Opportunities in the Real Estate World
Due to the legalization of the cannabis industry, the real estate world has seen a big boom in job opportunities. Now, professionals for differents tasks are required and it has created more jobs in the real estate industry. The rising expansion of the cannabis industry is expected to contribute to more growth in the real estate world in the coming times.