2019 is expected to be a busy year for businesses looking to invest in Michigan’s yet to-be-regulated recreational marijuana industry.
Michigan voters approved recreational marijuana in November. Michigan is now one of nearly a dozen states that allow possession of cannabis for recreational purposes.
It’s expected to be another year before the state of Michigan will be ready to start licensing commercial recreational retail operations. But with a potential market worth $1.5 billion, investors are not expected to wait.
“I do think there is a big opportunity for a real estate investor to take action and take note of where those opportunities will be” says Matt Karnes, the founder of Green Wave advisors, which analyzes the cannabis industry.
Karnes says potential investors are having to wade through shifting zoning rules and other issues as they try to gain a foothold in Michigan’s recreational market.
“Even though you may look across the street and see a property that may appear to be highly coveted, it may not be suitable or applicable for medical or recreational use marijuana commercialization,” says Karnes.
Karnes says outside investors are approaching medical marijuana license holders to buy their way into Michigan’s market.
