Real estate is one of the more difficult aspects of the cannabis industry. Securing a license is tough but getting your location is even tougher. Each state has different regulations and restrictions, which combined with unique real estate markets makes finding and securing property essential. It’s an expensive endeavor and one in which traditional mortgages aren’t typically an option. 

This presentation will focus on the New England and New York area cannabis real estate markets. It will cover the following states: Maine, Vermont, New Hampshire, Connecticut, Massachusetts, New York, New Jersey, and Pennsylvania. 

Cash-strapped governments around the country have found a silver lining in the pandemic-caused loss of tax revenue. Legalized marijuana has provided millions to state and local governments - in some cases, millions more than anticipated.

The ability to raise tax dollars has been a selling point for marijuana legalization from the beginning. Long before the state legislature approved adult-use sales, Illinois politicians hoped marijuana could help the state pay off some of its massive debt. Other states, such as Colorado, have used sales tax dollars to fund schools and public improvement projects and programs.

In a bold move for cannabis acceptance, the City Council of Philadelphia is set to vote on a measure that would make it illegal for companies to pre-screen prospective employees for cannabis use. 

If this bill passes, it is expected to be backed by Mayor Jim Kenney, who has shown support of cannabis decriminalization. The bill advanced out of a Council committee this week, and if passed, would go into effect on January 1 of 2022.

Police in Pennsylvania made 20,200 arrests for marijuana possession in 2020, a year marked by the coronavirus pandemic and the subsequent designation of cannabis businesses as essential services in many jurisdictions. Arrest data from the Pennsylvania State Police showed that an average of 55 adults were arrested for cannabis possession in the state every day last year. 

Democratic Gov. Tom Wolf has granted pardons to dozens of low-level marijuana offenders. The pardons were granted as part of an expedited process put into place last September via the Board of Pardons. That process, which was spearheaded by Lt. Gov. John Fetterman, explicitly facilitates the expedited review of those with criminal records for low-level marijuana violations. 

To date, the Governor has issued expedited pardons to just under 100 marijuana offenders. 

Pennsylvania Governor Tom Wolf just furthered his already-pro-cannabis public persona by announcing a round of pardons that includes those charged for nonviolent, cannabis-related crimes. 

The next state to legalize marijuana for adults may well be Pennsylvania, where two top state lawmakers introduced a bipartisan legalization bill on Wednesday.

Past proposals to legalize in the state have stalled in the Republican-controlled state legislature. This latest proposal, introduced by state senators Shari Street (D-Philadelphia) and Dan Laughlin (R-Erie), is bipartisan.

It would legalize adult-use cannabis for adults 21 and over, decriminalize a yet-to-be-determined amount of marijuana, and could raise as much as $1 billion in tax revenue for the state, the pair said in a statement.

Pennsylvania’s Agriculture Secretary recently announced a funding program that aims to help boost sales, export or consumer awareness of hemp products made in the state.

Prior to prohibition, hemp was an important crop in the state. 2017 marked the first year in seven decades industrial hemp was (legally) cultivated and harvested in Pennsylvania. Last season, 500 growing sites and 60 processors were licensed statewide and applications for this year’s season opened in December last year. Growing permit applications will be accepted until April 1, while processing permit applications will continue to be accepted throughout the year.

Once again, out-of-state business entities and owners took the majority of dispensary and processor permits for West Virginia’s long-awaited medical cannabis program.

Last week, the Department of Health and Human Resources’ Office of Medical Cannabis announced that 100 dispensaries between 32 companies with locations in 23 counties had been selected. The Office of Medical Cannabis announced the selection of 10 growers in October 2020 and 10 processors in November 2020.

Pennsylvania Gov. Tom Wolf called on state lawmakers to legalize and regulate marijuana for adults in a list of goals for the new year released on Thursday. In the statement of his priorities for the 2021 legislative session, Wolf said that it is time to continue the state’s reform of cannabis policy.