James Alexander Michie: Increase demand in farming facilities due to the legalization of cannabis | Bloomberg
Author: James Alexander Michie
With regard to the issue of cannabis in Canada, everything points to Canadians being ready for it to be legalized in their nation and that is a survey was done by Abacus Data. It was found that the solid majority of respondents in all age groups and in all regions said they could support or at least “accept” the framework that takes effect October 17. Even 54 percent of conservative voters said they could support or accept legal weeds.
All this has taken root, has increased the hurry to grow cannabis but in turn has also increased the search for real estate to grow it and is that legalization of recreational weeds on Wednesday has already caused a significant effect and There has been a six-fold increase in potting facilities to 808,256 square meters in the year through September, which is about the size of Amazon.com Inc.’s headquarters in Seattle.
In fact, the increase in the search for spaces for cannabis has been so significant that according to the vice president of operations of Altus based in Toronto, Raymond Wong said searches previously mentioned, “It has grown astronomically” and likewise added “With the listed companies, there is much more investment in these areas with anticipated growth and available capital, and they are acquiring and expanding their existing facilities. ”
It should be noted that the demand for marijuana facilities, as well as greenhouses, indoor growing centers, and warehouses, will increase the demand for which is already established as a scarce supply of industrial real estate in the country.
On the other hand, Wong emphasized that both British Columbia and Ontario combined came to occupy more than half of the existing growth space and likewise expressed that the expansion plans are probably conservative because it excludes the anticipated growth of the private businesses.