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Cannabis Retailers In A ‘Feeding Frenzy’ To Lock Up Space Before Applications Open

Although the regulations for New York’s now-legal recreational cannabis market are still months from being announced, the race for cannabis retail real estate has already begun.

Even though the rules around operating a recreational dispensary have yet to be set, would-be cannabis retailers are already securing deals for space, in some cases paying cash upfront, double market rents and agreeing to share profits with landlords in bids to get a leg up on what is expected to be frenzied competition.

The state is expected to roll out more thorough regulations before the end of the summer and applications could be issued later this year; New York State Assembly Leader Crystal Peoples-Stokes estimated legal sales could take 18 months to two years to begin from the passage of the law. When it comes time to approve licenses, experts expect the state to dole out 700 to 800 licenses in the first round.


Photo by Add Weed on Unsplash

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