A Land Rush Is Underway in New Jersey and New York For Cannabis Real Estate

1.2 min readPublished On: May 12th, 2021By HCN News Team

SACRAMENTO–Research shows the cannabis industry is currently seeing a land rush underway as real estate speculators and cannabis entrepreneurs are getting an early start on securing properties in New Jersey and New York that will potentially meet cannabis business licensing requirements.

According to research from cannabis real estate platform 420Property.com, the industry has seen over a 65% increase in traffic in New Jersey and New York since last year and expects that number to grow to 300% once licensing applications are being accepted.

New Jersey’s and New York’s various license types are expected to have their own unique application requirements and it is expected that the application process will start with finding and securing the appropriate real estate for the license type applied for.

In New York, the Marijuana Regulation and Taxation Act (MRTA) requires applicants to either be the owner of the premises or be in possession of the premises under a written lease with a term not less than the license period at the time of application.

Many details relating to land use and zoning requirements remain unknown in both New Jersey and New York at this time. However, in New York, the MRTA has provided some provisions regarding where future cannabis facilities can be potentially located. For example, the MRTA specifically limits the location of retail dispensary storefronts or on-site consumption licenses are permitted within 500 feet of school grounds or 200 feet from a house of worship.

About the Author: HCN News Team

The News Team at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.