New York’s Cannabis Firms Gear Up for Real Estate Anticipating Spike in Adult Use

With the recent change in view concerning the advantages of using cannabis, many countries across the world have moved forward in modifying their laws.

It has impelled the authoritarians to make amends in their stance regarding cannabis due to these scientific innovations.

Cannabis legalization has even evoked a low-key competition between markets and, on a larger scale, among countries. However, keeping in mind the psychedelic effects cannabis induces, governments have taken responsible measures.

In some areas, the use and possession of cannabis have not become legal yet. Albeit, in such places, decriminalization of cannabis has taken place. This means the system has become more tolerant of cannabis use.

Cannabis legalization is a major step forward as it affects multiple industries. Unsurprisingly, among these are the real estate businesses.

MJbizdaily gives details about the effect of adult-use cannabis legalization in New York state on real estate.

Cannabis

The dried leaves, flowers, and stems of the Cannabis sativa plant are called cannabis or, more commonly, marijuana, weed, or pot. Cannabis has two very diverse uses; as a medicinal and recreational drug and a psychedelic.

It has over 100 chemical compounds, each of which has unique effects on an individual’s body. Tetrahydrocannabinol (THC) is one of its major psychoactive compounds.

Woman sitting on a cliff edge looking up.

It has psychedelic effects as it interacts with the endocannabinoid system of the body. Moreover, it is the component that produces the feeling of being “high” in users.

Another major psychoactive compound is cannabidiol (CBD). This is the compound that gives cannabis its medicinal properties. Also, CBD does not induce any psychedelic effects.

The ways of consuming cannabis have evolved with the discovery of its multiple uses. It is now available in topical creams and ointments, like oils, capsules, and gummies.

Uses of Cannabis

Cannabis has a diverse range of uses. It has exhibited properties that many industries are benefiting from, including the beauty industry, pharmaceuticals, and even tourism.

People use cannabis for medical and recreational purposes. On the other hand, consumers also use it to experience its psychedelic effects.

Cannabis helps in soothing symptoms of various conditions. There is experimental proof for its benefits for chronic pain, nausea and vomiting, appetite-loss, stroke, muscle stiffness in people with multiple sclerosis (MS), and relieving cancer treatment-related side effects.

Moreover, there are many other conditions for which scientists are yet to find substantial evidence that supports the benefits of cannabis.

Effects of Cannabis

Although many medicinal and recreational benefits of cannabis have been found, its psychological effects are not ignored.

There are undeniable advantages of using cannabis; however, there are also some concerning side effects as well. These include lethargy, paranoia and anxiety, nausea, coordination issues, and delayed responses.

Moreover, its consumption may also lead to palpitations and hypotension. Therefore, it is important to be responsible while using cannabis and consume only the prescribed dosage.

One of the greater long-term side effects of cannabis consumption is the possibility of developing cannabis dependence or becoming addicted. In this case, quitting the substance leads to withdrawal symptoms.

Furthermore, some other risks of long-term use of cannabis include impairment of judgment, memory loss, and even gum diseases. Some studies also suggest that cannabis use has an impact on the immune response.

On the other hand, the more desirable effects of using cannabis include:

  • Increased appetite
  • Relaxation and happiness
  • More intense senses
  • Altered perception of time and place
  • Increased focus and creativity

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Cannabis—Legality

Historically, people have used cannabis for medicinal purposes. However, the more conventional view related to cannabis use is as a drug. This is the reason that cannabis use is illegal in the majority part of the world.

Nevertheless, this is changing with time as more and more countries are moving towards cannabis legalization and decriminalization. Among these countries are UK, Mexico, Canada, South Africa, and many more.

However, in the US, cannabis is federally illegal. It comes under Schedule I controlled substances as per the regulations of the Drug Enforcement Authority (DEA). There is a legal grey area concerning the legality of cannabis in many states of the US.

This is because many states, including New York, Pennsylvania, Alaska, and many more, have legalized the use of cannabis. Many states have either legalized its medicinal or its recreational use.

However, some states have legalized both. Moreover, growing, possessing, and using cannabis or its products is still a crime in many states.

An article on Today’s Health Science explains the bill concerning adult-use marijuana in New York. This law will make New York the country’s largest market of legal cannabis.

Cannabis and Real Estates

An article on MJbizdaily discusses the impact of adult-use cannabis legalization on the state’s real estate industry.

New York’s key position as the nation’s commercial and economic hub has become a natural attraction for many entrepreneurs and developers to establish their cannabis business.

However, the authorities are yet to introduce the rules and regulations concerning the implementation of the bill.

In the majority of states where cannabis has been legalized, cannabis businesses are required to secure real estate before they are granted a license.

Therefore, many multistate operators and other companies already a part of the cannabis industry have begun their search for real estate to set up greenhouses.

Many others, like a Chicago-based multistate operator PharmaCann, are expanding their production facilities.

Marijuana plant and leaves.

Moreover, others like Green Thumb are making use of any land they can get their hands on. The surging interest of people in the cannabis industry is because of the profits they will get from the investment.

The New York state’s cannabis market is expected to perform well. However, a problem that interested developers can face is the reluctance of many landlords in leasing their property to cannabis businesses.

Takeaway

As the laws concerning the legalization of cannabis have come forth, the state should also introduce its implementation rules to clear all insecurities and misunderstandings.

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