In Canada, cannabis has huge impact on commercial real estate

In Canada, cannabis has huge impact on commercial real estate

Back in November 2017, Alberta made the decision to allow private cannabis outlets to spring up across the province. This decision has proved to be a boon for the commercial real estate industry.

Ben Volorney, a retail broker in the Edmonton office of Avison Young, a global player in the commercial real estate business, likens the coming boom of marijuana shops in Alberta to something out of the 1800s gold rush, according to the Globe and Mail.

“If you want to talk about the Wild, Wild West of cannabis, it’s Alberta,” says Mr. Volorney. “It’s nuts over here, nuts.”

Volorney says his office gets hundreds of calls every week from business people wanting to rent 1,200 to 3,000 square feet of retail space to set up a cannabis shop on either a street-front location or in a suburban mall.

Fully private approach to cannabis retail

Alberta takes a different approach to retail sales, unlike Ontario, British Columbia, or Quebec. Alberta has opted for a fully private approach to cannabis retail that will allow for further expansion opportunities available for anyone with the money to invest over the long term.

Read more: http://www.digitaljournal.com/business/in-canada-marijuana-has-huge-impact-on-commercial-real-estate/article/517881#ixzz5APsTQltJ



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