The cannabis market has grown exponentially thanks to many states passing laws in favor of recreational cannabis. Amy Dobson, a real estate expert says that it is bound to be the next big real estate market disruptor and developers are hopping on the bandwagon.
Next month, Los Angeles is opening up a 67,000-square-foot, seven foot story building entitled the Green Street Building. The building will be home to everything from coworking spaces, to dispensaries and art galleries.
Bow West Capital, a real estate investment company, purchased the building for a reported $14 million. Once open, it will be the largest real estate space devoted to cannabis in the U.S.
“The buildings in [the Jewelry District] have not received the proper upkeep, allowing for low sale prices of the buildings but also requiring full renovations,” said Matthew Rosenberg, CEO and Founder of M-Rad, Inc, the design team behind the deal. “With the prosperity and funding in the cannabis industry on the rise, this is a perfect combination for this exciting new industry to make this area their home, with Green St. being the catalyst.”