According to National Real Estate Investor, the state of California will begin issuing temporary business licenses for ‘commercial cannabis activity’ from January 1st 2018.
Since the legalization of marijuana in California, the state grew to become the sixth largest market for the substance in the world. The new law provides opportunities for real estate developers and entrepreneurs to invest in cannabis businesses.
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Aaron Hertzberg, partner of cannabis real estate investment firm Calcannholdings Inc., says that real estate “provides a conservative way for investors to participate in the cannabis market without touching a leaf”. Max Mikalonis, a legislator for a real estate consulting company, agrees. In particular, he noted that there is a huge demand for cultivation space, which has triggered a surge in warehouse prices. “Growers in the Bay Area are paying $2 per sq. ft. or more for warehouse space”, he told NREI.
After 120 days of temporary licensing, permanent licensing will become available.
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