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Weed legalization can bring real estate industry to new heights

(Credit: BaseCanna)

Senate Majority Leader Chuck Schumer said he will push to pass sweeping legislation that would end the federal prohibition on marijuana, which has been legalized to some degree by many states. The New York senator is expected to release “a unified discussion draft on comprehensive reform” early this year, and noted that passing the legislation will be a priority, CNBC reported.

  • Worth Noting: The statement comes as public support for legal marijuana has grown. A Gallup poll in November showed that 68% of Americans, a record high, favored marijuana legalization.
  • Real Estate Industry has been held back: Most lenders don’t allow cannabis businesses as tenants because they’re still federally illegal. In states where prescription and recreational marijuana use have been legalized, National Association of REALTORS (NAR) members have seen an increased demand in warehouses, storefronts, and land.
  • Dig Deeper: In states where prescription marijuana use is legal, 19 percent of commercial NAR members had seen an increased demand in warehouses, 18 percent in storefronts, and 15 percent in land. In states where prescription and recreational marijuana use is legal, 34 to 42 percent of members had seen an increased demand in warehouses, 18 to 19 percent in storefronts, 16 to 21 percent in land. [CNBC+NAR]

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