KCTV had this report on medical marijuana real estate facilities, “A warehouse is no longer abandoned as it is now a construction process and Jack Mitchell sees the potential, although indoor grow operations are involved.”
Mitchell runs a company that’s filed several applications for marijuana cultivation and dispensary facilities. One state requirement requires access to a building where a cannabis operation could operate. “We’re hoping to get a license, and we’re going to take some risk,” Mitchell said.
One risk is the preparations. Mitchell is already preparing the building even though his application for a grow license hasn’t been approved yet. “We’re going to go ahead and keep planning, engineering plans, construction plans,” Mitchell said. His lease is contingent on his license.
“It was a tsunami of real estate offers,” Sheryl Vickers, a local realtor said. Vickers is a realtor who’s handled several transactions in the past few weeks of businesses scrambling to find locations for a cannabis operation.
“There was a lot of investment that was nonrefundable for these potential licensees,” Vickers said. “There are places in Kansas City that haven’t been used in years, so it’s a good price for something.”
“We’re aware of some well-financed groups that took the risk and bought real estate they’ll have to dispose of or find another use for or something,” Mitchell said.
The state has received more than 2,100 applications but will only approve 348. Mitchell plans to minimize his risk by re-purposing his warehouse if the license doesn’t pan out, maybe for hemp production, but until December, he’s cautiously optimistic.
“I’d say there’s a lot of nervous people out there,” Mitchell said.
Medical Marijuana Real Estate Facilities
Nervous about an investment in what could be a booming industry if you can get approved.
Here are five tools every marijuana realtor needs based on this Business Wire story, According to Signal Bay, Inc. (OTC: SGBY), a provider of cannabis consulting, research, data, operations & laboratory services,
“Each applicant awarded a stage one license approval will have 365 days from the date of notification to complete all necessary steps to obtain a formal license and to request a final inspection. These steps will include raising capital, acquiring real estate, securing local zoning approvals, construction of facilities, installation of equipment and systems, and the hiring and training of staff.”
With that in mind, a realtor needs to have specific knowledge about the requirements of a medical marijuana dispensary business.
Here Are Five Tools Every Marijuana Realtor Needs:
Yes, parts of the “Five Tools Every Marijuana Realtor Needs” is tongue in cheek, but people in the marijuana business will seek real estate with the proper zoning for marijuana cultivation and sales.
Where is Missouri with Marijuana? Cannabis in Missouri is illegal but decriminalized. Medical use was legalized in 2018 through a ballot initiative to amend the state constitution.
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