#Ermont quincy crack

#Ermont quincy crack

There is also a lingering threat that the federal government, which still classifies marijuana as an illegal substance, could crack down on the burgeoning industry. And if federal regulations about the transportation of marijuana loosen, dispensaries in Boston could soon sell buds grown in California greenhouses. Ultimately, the theory goes, growers are likely to turn to less expensive greenhouses. What is more, because it is still illegal to transport marijuana across state lines, pot must be grown in the state where it is sold.īut as the industry matures, many executives believe that tenants and investors spending big money on such projects could soon find themselves underwater. Warehouses are in vogue for a variety of reasons: They are big enough to hold thousands of plants, can accommodate the needed climate controls, and are private and relatively easy to secure. Right now, millions of dollars are being spent to make old warehouses suitable for cannabis cultivation. Yet there are simmering concerns that a new real estate bubble might be forming. Sales of legal cannabis reached $6.7 billion in the United States last year, and are expected to top $20 billion by 2021, according to Acrview Market Research. The sharp rise in property prices follows the booming market for legal marijuana. A few months ago, a real estate investment trust focused on leasing out warehouse space to growers started trading on the New York Stock Exchange. In the city over all, there are five times as many retail pot stores as stand-alone Starbucks shops. In some Denver neighborhoods, the average asking lease price for warehouse space jumped by more than 50 percent from 2010 to 2015, according to an industry report.

From Monterey, Calif., to Portland, Me., the new industry is reshaping once-blighted neighborhoods and sending property values soaring. “The landlord knew he was sitting on a gold mine,” said Zach Harvey, one of Ermont’s financial backers.Ĭommercial real estate developers say they have never seen a change so swift in so many places at once.