Abstract
We review the evolution of the marijuana industry in Colorado and its implications for real estate. We investigate industrial space pricing and the history of price effects caused by the legalization of marijuana in Colorado. We are the first to investigate how the legalization of marijuana has created an excess demand for real estate space. We show that the lease pricing of industrial grow facilities is well above that of non-marijuana related industrial spaces by referring to examples and reasoning for the lease rate spread. We comment on what the next phase of the marijuana real estate market will be as the industry matures.
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