How Legalization of Marijuana Has Affected Colorado Real Estate

Colorado (and now the other states that recently legalized the recreational use of marijuana) has received a lot of attention in the past year or so. But in addition to getting worldwide attention for being one of the first states to legalize marijuana, Colorado is also getting a lot of attention due to the effects the new law has had on Colorado and its economy, including real estate.

At the time of this writing, twenty-three states and the Washington, D.C. have passed laws that allow the use of prescribed medical marijuana, and four states permit recreational use, according to the National Conference of State Legislatures, but federal law prohibits use, possession or sale of all marijuana making it a challenge for people to run a legal marijuana business.

As marijuana becomes legal in more parts of the country, those in the real-estate industry are finding the new laws have implications for all types of property. Some of the issues deal with growing and processing of the plants while others pertain to the use of it in a rental property or one controlled by an HOA (homeowners’ association). There are also some things that people buying homes need to be know to ensure they understand what they’re purchasing.

Many people in the real estate business are using these marijuana laws as a big opportunity. For example, the website, 420MLS.com, is where people can find and post marijuana business opportunities, commercial space for cannabis businesses and marijuana-friendly living spaces. Potprop.com is another site for Colorado real estate that’s related to marijuana.

Property owners now must know the different types of decisions necessary regarding purchasing of land related to cannabis businesses. Whether you’re the owner of a shopping center where a dispensary wants to open, an industrial property where marijuana could be grown, or you rent an apartment to someone who uses or grows marijuana, you may have some concern about civil asset forfeiture—where the federal government can seize your property if it’s used to conduct illegal activity.

Since marijuana is illegal under federal law, property owners may forbid the growing or use of marijuana in an effort to avoid the possibility they’d lose their property because of marijuana growing or using.

If you are a bud tender looking for work in Denver or surrounding areas or want to know about becoming a bud tender in Denver, please contact Ms. Mary Staffing today.