Cannabis real estate business is highly promising. To be successful in this business you need to have a few things ready and sorted. Before venturing in this area you must have a Cannabis Real Estate Lawyer in place. There are a lot of legalities involved with this business so it is best to have an expert who can guide professionally.
Another important thing to sort out before venturing in this business is to get the right land. The location is utmost important in this business. Laws like property’s distancing from schools and educational institutions must be duly taken care of. The property must be minimum 1000 feet away from any educational institution.
Getting the right landlords. Not all landlords would be cool about cannabis business. It is important to start a relationship with ones who have no objection about the business. A reluctant landlord isn’t the best place to start..
Boilerplate lease agreements do not work for the cannabis industry. You might want to make sure that your lease works. If you are a permitted marijuana retailer you might want to put ‘retail sale of marijuana’ in the agreement. This clarity at the time of the agreement can save you from later complications.
Securing a real property report also helps a lot. Such a report contains ownership details, Easement or restrictions on the property and encumbrances like mortgages. This purchase history can be vital information for your business. The territory is risky if you don’t have ample information.
In short, it is best to research before venturing in this business. However, after a good research this business territory is full of huge profits.
