Cannabis Real Estate Trends: What’s Selling Right Now

LOS ANGELES- The Cannabis industry continues to evolve at a rapid pace — but one thing remains constant: real estate is the foundation of every successful Cannabis business.

The right property doesn’t just house operations; it determines whether a company can get licensed, open its doors quickly, and compete effectively in a tightly regulated environment.

Over the past 90 days, Highly Capitalized Network (HCN) reviewed listings from multiple legal Cannabis markets to identify what’s selling now.

To put this activity into context, we spoke with Ryan George, Founder & CEO of 420 Property, the largest online marketplace for Cannabis real estate and licenses.

“The market has matured to the point where buyers are much more selective. The most attractive assets today are those that compress timelines — properties with pre-approved municipal approval, utilities in place, and licenses ready to transfer.”

-Ryan George

From his perspective and our market review, five key trends are driving activity. Below, we highlight these trends and provide specific live listings that demonstrate how capital is flowing in today’s market.

Trend 1: Vertical Integration Is Still King

Operators continue to seek vertical platforms — deals that include cultivation, manufacturing, and retail licenses under one umbrella. Vertical integration protects margins, simplifies compliance, and creates greater control over supply chains.

Example Listing:

• New Jersey Multi-License Package – Cultivation + Manufacturing + Retail
  • Status: Call for Offers (placeholder price of $1)
  • Highlights:
    • Includes three licenses in one package.
    • Non-volatile manufacturing equipment valued at ~$250K.
    • Retail inventory valued at ~$20K.
    • Six-figure investment already made in cultivation MEP work.
    • Social-equity ownership requirements fully resolved.
  • Best fit for: MSOs or well-capitalized independents seeking immediate vertical scale in New Jersey.

Why it matters:
In limited-license states, buying a vertical package accelerates time to market and creates a fully integrated, defensible business model.

Trend 2: Outdoor Cultivation Creates Cost Advantages

Outdoor cultivation opportunities remain rare in regulated markets, but when available, they offer dramatically lower operating expenses. As wholesale prices continue to compress, these sites will be crucial for maintaining profitability.

Example Listing:

• New Jersey’s First Approved Outdoor Cannabis Farm – 17 Acres
  • Asking Price: $2,590,000 (recently reduced)
  • Highlights:
    • 17 acres licensed for Cannabis cultivation.
    • First large-scale approved outdoor Cannabis site in the state.
    • Provides defensible cost-of-production advantages.
  • Best fit for: Cultivators with outdoor expertise and wholesale ambitions.

Why it matters:
Low-OPEX outdoor production will be a competitive edge as mature markets see margins tighten.

Trend 3: Portfolio Retail Builds Regional Density

Markets transitioning to adult-use, like Minnesota, reward operators who can launch multiple retail locations simultaneously. Bundled retail packages give brands a head start, enabling regional density and shared marketing spend.

Example Listings:

• Minnesota Five-License Retail Bundle
  • Asking Price: $2,000,000
  • Highlights:
    • Curated set of five retail licenses spanning multiple regions.
    • Structured for a fast statewide rollout.
    • Portfolio approach rather than piecemeal sale.
  • Best fit for: Retail-first operators seeking immediate market presence.
• Michigan “Butter” Provisioning Center + Adjacent Industrial Building
  • Asking Price: $3,600,000 (includes real estate, license, and business)
  • Highlights:
    • Newly built retail property with 38 parking spaces.
    • Located in a capped retail market with high-income nearby households.
    • Includes adjacent industrial building leased through 2027.
  • Best fit for: Brand-driven retailers seeking a flagship location with built-in expansion potential.

Why it matters:
Portfolio plays help operators scale rapidly while defending against new competitors entering the market.

”Sellers who come to market with realistic valuations and clear documentation are the ones closing deals fastest. What we’re seeing is a real flight to quality.”

-Ryan George

Trend 4: Turnkey Facilities Reduce Execution Risk

In Cannabis, time-to-revenue is everything. Turnkey facilities that are fully approved and ready to operate eliminate costly entitlement delays and allow new entrants to generate revenue faster.

Example Listings:

• Minnesota Turnkey Grower/Processor Facility with Real Estate
  • Asking Price: $2,250,000
  • Highlights:
    • Fully permitted for cultivation and non-volatile manufacturing.
    • Includes ~2.5 acres, irrigation, on-site employee housing, and extensive FF&E.
    • Positioned for immediate production at closing.
  • Best fit for: Operators needing combined production and processing capacity.
• New Jersey Cannabis-Approved Facility – 13,410 SF (For Lease)
  • Lease Opportunity
  • Highlights:
    • Municipality already approved for both cultivation and manufacturing.
    • Right-sized footprint for focused operators.
    • Avoids long municipal approval processes.
  • Best fit for: First-time NJ operators prioritizing speed to revenue.

Why it matters:
Turnkey assets compress timelines and reduce risk for new market entrants.

Trend 5: Flexible CapEx and Lease-First Strategies

In mature markets, many operators are opting to lease facilities rather than purchase, conserving capital for marketing, inventory, and growth initiatives.

Example Listings:

• Colorado Tier-2 Greenhouse Cultivation – For Lease
  • Highlights:
    • Dual automated Conley greenhouses (30’ x 96’ each).
    • Indoor grow rooms with robust power and water systems.
    • RO water capacity of 6,500 gallons/day and 30,000-gallon storage.
  • Best fit for: Wholesalers seeking canopy without CapEx-heavy investments.
• California Retail + Distribution Licenses – Adelanto
  • Asking Price: $949,000
  • Highlights:
    • Active retail and distribution licenses.
    • Nearly completed 1,800 SF buildout with 1,000 amps of power.
    • Cannabis-friendly municipality with strong logistics access.
  • Best fit for: Operators seeking combined B2C and B2B sales channels.

Why it matters:
Leasing provides scalability while reducing financial exposure in volatile markets.

Buyer Priorities in 2025

From these examples, serious buyers are consistently focused on these six factors:

1. Licensing Advantage – Hard-to-get, transferable licenses are highly prized.
2. Speed to Revenue – Pre-approved or turnkey facilities are closing fastest.
3. Defensible Locations – Outdoor farms and commuter-heavy retail hubs dominate interest.
4. Capital Efficiency – Leasing and outdoor cultivation help control costs.
5. Portfolio Scale – Bundled retail and vertical packages accelerate growth.
6. Optionality – Properties with multiple use cases offer long-term flexibility.

Why Real Estate Is Cannabis’ Ultimate Gatekeeper

Cannabis real estate is unlike traditional commercial property. Municipal zoning rules, state licensing regimes, and political dynamics create a high barrier to entry that determines who gets to compete — and who doesn’t.

• Regulators use zoning and approvals to control market growth.
• Investors rely on compliant properties to anchor brand expansion.
• Operators depend on locations to secure licenses and protect future revenue streams.

As Ryan George emphasized, today’s market rewards quality and readiness. Buyers who secure the right real estate now will be positioned to dominate as legalization expands and consolidation accelerates.

Final Takeaway

The Cannabis real estate market in late 2025 reflects a flight to quality. Properties that offer speed to market, defensibility, and scalability are attracting capital, while under-prepared listings are languishing.

For buyers and sellers alike, platforms like 420 Property provide a centralized way to compare listings, vet opportunities, and move quickly from search to signed deal.

Real estate isn’t just where Cannabis companies operate — it’s how they gain access to markets, build resilient supply chains, and secure long-term growth.

About Ryan George

Ryan George is the Founder and CEO of 420 Property, the leading online marketplace for Cannabis and hemp real estate and businesses, as well as BizTrader, a global platform for buying and selling businesses.

With a background in real estate and technology, George has established himself as a forward-thinking entrepreneur and industry leader. Through his ventures, he is building a connected ecosystem of digital platforms that streamline transactions, expand market access, and drive innovation across the Cannabis sector and beyond.

Contact Information: Ryan R. George, CEO 420Property.com E-Mail: [email protected] /Phone: (925) 478-9805