Patient advocates with high demand and low supply are not the only likely benefactors to passing the Missouri Patient Care Act into law this November. One thing that could rise almost as fast as donations to the Missourians for Patient Care ballot effort is warehouse property value for facilities suitable to grow medical cannabis.
In other cities like Denver, commercial real estate brokers have seen rent rates escalate up to four times what they were before legalized marijuana. According to a recent New York Times article entitled “A Real Estate Boom, Powered by Pot,” nearly four million square feet of industrial space was being used for cultivation in 2015.
This week, interested donors and prospective investors met at Brentwood Tower to review how the Patient Care Act would impact them if certified to the ballot and passed into law. Supporters from St. Louis County, St. Charles County, and Saint Louis City were in attendance to learn more about the ballot petition.
“It is exciting to think about the rising demands for commercial space that are likely to come from this high growth industry that may soon employ 300,000 Americans across the legalized states,” said Travis H. Brown. “The Saint Louis region has millions of square feet that should prove very attractive to new license applicants and cultivation interests if our Act is passed into law.”
Brown spoke on the potential economic opportunities of medical cannabis during an ABC 30 TV interview on Tuesday, noting that if estimates hold true, “in five years or less there will be more people employed in the cannabis industries across the United States of America than there are pharmacists today.”
Realtors, commercial brokers, consultants, and advisers who want to understand more about how this industry may develop should start by reading our Missouri statewide petition at www.missouripetition.com. The Missouri Patient Care Act (MPCA – 2018-271) is a state statutory ballot initiative that would allow patients to legally use medical cannabis with a written certification from a licensed physician who treats patients diagnosed with qualifying medical conditions.