2018 Marijuana and Real Estate A Budding Issue Survey 11-02-2018

Marijuana and Real Estate:
A Budding Issue
November 2018
National Association of REALTORS® Research Group

Residential Real Estate
Residential Real Estate Trends and growing in home or common areas.
Six percent report that homeowner
NAR surveyed its membership regarding
their interaction with marijuana and the associations did allow growing or smoking
in home or common areas.
real estate sector in states where
marijuana is legal. This report is a Selling a Grow House
summary of the findings. One percent of Approximately three-quarters of members
members were marijuana specialists in in states where marijuana is legal had
residential real estate. As marijuana never tried selling a grow house. One in
intersects with real estate, the demand for twenty of these residential members had
both residential and commercial sold a grow house in the past. Among
properties is a growing market. Currently, residential members who have sold a grow
only one to two percent of residential house, 27 percent in states where medical
respondents where marijuana is legal for marijuana is legal had a difficult time selling
medical or for medical and recreational a grow house. Thirty-three percent of
use were aware of their MLS containing a members in states where both medical
specific marijuana field. and recreational marijuana is legal had
The highest share of respondents difficulty selling a grow house.
reported they currently have residential Among members who had sold a grow
inventory available in their market. house, seven in 10 did disclose the house
Between 11 and 15 percent of was used as a grow house. Among those
respondents in states where marijuana is who sold a grow house in the past, nine in
legal to some extent believe inventory was 10 had no title issues selling the grow
tight for multiple reasons, including all-cash house.
purchases from the marijuana industry.
More than three-quarters of members Three percent of members who had sold a
have not seen a change in residential grow house in states where medical
property values near dispensaries. One- marijuana is legal and one percent where
tenth have seen an increase and 12 to 14 medical and prescription use is legal used a
percent have seen a decrease in residential specialized company for the title. Five
property values near dispensaries. percent of members who had sold a grow
house in states where medical marijuana is
Approximately two-thirds of respondents legal and one percent where medical and
said that homeowner associations often prescription use is legal were not able to
have rules and restrictions against smoking find a title company for the home sale.
NAR 2018 – Marijuana and Real Estate: A Budding Issue

Property Management would take cash for rent, and about one-
fifth of those where marijuana is legal for
About one-third of members had seen
addendums added to leases which restrict both prescription and recreational use
would take cash for rent.
growing or smoking on properties. Forty-
three percent of members in states where
medical marijuana is legal and 36 percent
of members in states where both medical
and recreation marijuana is legal had no
issues leasing a property after the growth
or use of marijuana in a property. The
most common issue was the smell, which
nearly one in five members had
encountered. Moisture issues were more
common in areas where only prescription
use is legal.
Some states allow growing on personal
property. When a tenant is allowed to
grow marijuana in their rental property, it
was most common for the tenant to pay
the utility costs. When tenants were
allowed to grow marijuana in their rental
units, nine percent of those in states with
legal medical marijuana said self-contained
machine/boxes were required. This was
also the case among six percent of those
in states where both medical and
recreational marijuana is legal.
As marijuana is an all-cash business,
earnings from those in the business were
cash proceeds. About one-quarter of
landlords were unwilling to take cash for
rent. About one-quarter of those in states
where prescription marijuana is legal


MLS Contains Marijuana
Fields
 As marijuana in real estate is a growing market, currently only one to two
percent of residential respondents were aware of their MLS containing a
specific marijuana field.
MLS Contains Marijuana Fields
73%
DOES NOT CONTAIN MLS FIELD
61%
26%
DON'T KNOW
37%
1%
DOES CONTAIN MLS FIELD
2%
0% 20% 40% 60% 80%

Only Prescription is Legal Both Recreational & Prescription Are Legal

Residential Inventory Due
to All-Cash Purchases
 The highest share of respondents reported they currently had residential
inventory available in their market.
 One percent each of respondents in states where only medical marijuana is
legal and in states where both medical and recreational marijuana is legal had
seen tightened housing inventory entirely from all-cash purchases. Between
14 and 10 percent of respondents believed inventory was tight for multiple
reasons, including as a result from this industry.
Residential Inventory Tightened Due to All-Cash

Purchases from Marijuana Industry
41%
NO, HAVE INVENTORY
47%
44%
NOT SURE
43%
14%
YES, TIGHTENED, BUT THIS IS JUST ONE
ASPECT
10%
1%
YES, TIGHTENED, AND ENTIRELY DUE
TO THIS
1%
0% 10% 20% 30% 40% 50%


Residential Property
Values Near Dispensaries
 More than three-quarters of members in states where marijuana is legal to
some extent had not seen a change in residential property values near
dispensaries.
 One-tenth of members in these states had seen an increase and 12 to 14
percent had seen a decrease in residential property values near
dispensaries.
Residential Property Values Near Dispensaries
3%
INCREASED SUBSTANTIALLY
3%
7%
INCREASED SLIGHTLY
6%
78%
NO CHANGE
76%
10%
DECREASED SLIGHTLY
10%
2%
DECREASED SUBSTANTIALLY
4%
0% 20% 40% 60% 80%


Homeowner Association
Rules and Regulations
 Just under two-thirds of respondents reported that homeowner
associations often had rules and restrictions against smoking and growing in
home or common areas.
 Six percent of respondents said that homeowner associations did allow
growing or smoking in home or common areas.
Homeowner Association Rules and Regulations
HAVE RESTRICTIONS SMOKING IN COMMON 22%

AREAS 25%
HAVE RESTRICTIONS GROWING IN COMMON 16%
AREAS 16%
HAVE RESTRICTIONS GROWING IN EXPOSED 14%
AREAS (PRIVATE YARDS W/OUT FENCES) 13%
HAVE RESTRICTIONS GROWING INSIDE HOME

11%
10%
ALLOW GROWING INSIDE HOME

3%
3%
ALLOW SMOKING IN COMMON AREAS

2%
3%
ALLOW GROWING IN EXPOSED AREAS (PRIVATE 1%
YARDS W/OUT FENCES) 0%
ALLOW GROWING IN COMMON AREAS

0%
0%
NONE OF THESE NOTED

45%
45%
Common Answer to Other: HOAs 29%
may be relying on “privacy” restriction OTHER
26%
in laws to contain use/growth inside
of home. 0% 20% 40%

Selling a Grow House

Grow House:
Experience Selling
 Approximately three-quarters of respondents had never tried selling a grow
house. One in twenty of these residential members had sold a grow house
in the past.
Experience Selling a Grow House
73%
NO, HAVE NEVER TRIED
78%
6%
HAVE SOLD GROW HOUSE
5%
2%
NO, TRIED BUT UNABLE
1%
18%
DON'T KNOW
17%
0% 20% 40% 60% 80%


Grow House:
Difficulty Selling
 Among residential members who had sold a grow house, 27 percent in
states where medical marijuana is legal had a difficult time selling a grow
house. Thirty-three percent of members in states where both medical and
recreational marijuana is legal had difficulty selling a grow house.
Difficulty Selling a Grow House
73%
NOT HARD TO SELL
67%
27%
HARD TO SELL
33%
0% 20% 40% 60% 80%


Grow House:
Disclosed Home Sale
 Among members who had sold a grow house, seven in 10 did disclose that
the house was used as a grow house.
Disclosed Home Sale as a Grow House
71%
YES, DISCLOSED
75%
18%
NO, DID NOT DISCLOSE
11%
11%
DON'T KNOW
14%
0% 20% 40% 60% 80%


Grow House:
Title Issues
 Among those who sold a grow house in the past, nine in 10 had no title
issues selling the grow house.
 Three percent of members who had sold a grow house in states where
medical marijuana is legal and one percent where medical and prescription
use is legal used a specialized company for the title.
 Five percent of members who had sold a grow house in states where
medical marijuana is legal and one percent where medical and prescription
use is legal were not able to find a title company for the home sale.
Title Issues Selling a Grow House
86%
NO ISSUES
90%
3%
YES, USED A SPECIALIZED TITLE
COMPANY
1%
5%
YES, COULD NOT FIND A TITLE
COMPANY
1%
7%
Common Answer to Other: OTHER
Some sellers do not 7%
disclose it is a grow house.
0% 20% 40% 60% 80% 100%

Residential Property
Management Experience

Addendum or Provisions in Leases:
Restricting Growing or Smoking
 The majority of residential property managers had not seen addendums

added to leases which restrict growing or smoking on properties.
 About one-third had seen addendums added to leases which restrict
growing or smoking on properties.
Addendum or Provisions Added to Leases Restricting

Growing or Smoking
52%
NO ADDENDUMS ADDED
55%
36%
ADDENDUMS ADDED
32%
7%
OTHER
Common Answer to Other: 7%
No smoking of any type
allowed.
5%
DON'T KNOW
6%
0% 20% 40% 60%


Difficulty Leasing Property After
Growth or Use of Marijuana
 Forty-three percent of members in states where medical marijuana is legal
and 36 percent of members in states where both medical and recreation
marijuana is legal had no issues leasing a property after the growth or use
of marijuana in a property.
 The most common issue was the smell, which nearly one in five of these
members had encountered. Moisture issues were more common in areas
where only prescription use is legal.
Difficulty Leasing Property After Growth or Use of

Marijuana
18%
YES, SMELL IS DIFFICULT TO REMOVE
18%
7%
YES, MOISTURE ISSUES
3%
43%
NO ISSUES
36%
0% 20% 40%

Tenant Growing:
Utility Costs
 When a tenant was allowed to grow marijuana in their rental property, it
was most common for the tenant to pay the utility costs.
Utility Costs When Tenant is Allowed to Grow
41%
TENANT PAYS UTILITIES
36%
1%
LANDLORD PAYS UTILITIES
1%
33%
DON'T KNOW
35%
0% 20% 40%

Tenant Growing: Self-Contained
Growing Box/Machine
 When tenants were allowed to grow marijuana in their rental units, nine
percent of those in states with legal medical marijuana said self-contained
machine/boxes were required. This was also the case among six percent of
those in states where both medical and recreational marijuana is legal.
Self-Contained Growing Box/Machine When Tenant is

Allowed to Grow
9%
YES, SELF-CONTAINED MACHINE/BOX
REQUIRED
6%
3%
NO BOX NEEDED
3%
63%
DON'T KNOW
68%
0% 20% 40% 60%


Landlords Willing to Take Cash
from Marijuana Proceeds for Rent
 As marijuana is an all-cash business, earnings from people in the business
are cash proceeds. About one-quarter of landlords were unwilling to take
cash for rent.
 About one-quarter of those in states where prescription marijuana is legal
would take cash for rent, and about one-fifth of those where marijuana is
legal for both prescription and recreational use would take cash for rent.
Landlords Willing to Take Cash from Marijuana Proceeds

for Rent
NO, MOST WILL NOT TAKE CASH AT 23%

ALL
29%
MOST LANDLORDS WILL TAKE CASH 22%

AND DON'T ASK WHERE CASH COMES
FROM 14%
NO, MOST WILL NOT TAKE CASH 12%

FROM ILLEGAL FEDERAL ACTIVITY 10%
5%
YES, SOME TAKE CASH
5%
2%
YES, NEARLY ALL ARE
2%
0% 20%

Commercial Real Estate

Inventory and Demand states where both prescription and
recreational marijuana is legal, 31 percent
In states where prescription marijuana use
is legal, 34 percent of commercial of commercial members reported no
change in the perception of crime and 18
members had seen an increased demand in
warehouses, 31 percent in storefronts, percent cited an increase in the
perception of crime.
and18 percent in land. In states where
prescription and recreational marijuana While the perception of crime seemed to
use is legal, 27 percent of these members increase, actual crime had only marginally
had seen an increased demand in risen in respondents’ opinions. In states
warehouses, 17 percent in storefronts, where only prescription marijuana is legal,
and14 percent in land. 43 percent of commercial members cited
One-fifth of members had seen an no change in crime and seven percent
reported an increase in crime. In
increase and 10 to 13 percent had seen a
decrease in commercial property values comparison, in states where both
prescription and recreational marijuana
near dispensaries. Nearly one-quarter of
members had seen an increase and six are legal, 28 percent of commercial
members cited no change in crime and
percent have seen a decrease in
commercial property values near growing eight percent said there was an increase in
crime.
lands.
About three in 10 commercial members
noted some tenants did not want to be
near a dispensary; however, the highest
share did not know.
Perception of Crime
In states where only prescription
marijuana is legal, 39 percent of
commercial members said there was no
change in the perception of crime, while
16 percent reported an increase in the
perception of crime. In comparison, in

Commercial Leasing
The majority of commercial members The most frequently cited concern of
were not currently leasing to marijuana commercial members was the smell when
related businesses. Seventeen percent of leasing to marijuana related businesses,
commercial members in states where followed by theft of cash on property, fire
prescription marijuana is legal were leasing hazards, and moisture issues. About half of
to marijuana businesses. In states where commercial members cited landlords were
both recreational and prescription unwilling to accept cash for rent. About
marijuana is legal, six percent were leasing one-quarter cited some landlords would
to marijuana related businesses. take cash for rent, but a small portion
would not ask where the cash came from.
Half of commercial members said that no
additional addendums were added to
leases when the business was related to
marijuana. More than one-quarter of
commercial members in medical marijuana
states and one-fifth of in medical and
recreational marijuana states did have
lease addendums.

Commercial Inventory
Changes
 The largest share of commercial members in states where marijuana is legal
to any extent had not seen a change in inventory for commercial properties
due to marijuana.
 In states where prescription marijuana use is legal, 34 percent of members
had seen an increased demand in warehouses, 31 percent in storefronts,
and 18 percent in land.
 In states where prescription and recreational marijuana use is legal, 27
percent of members had seen an increased demand in warehouses, 17
percent in storefronts, and14 percent in land.
Commercial Inventory Changes
45%
NO CHANGE IN DEMAND
47%
34%
DEMAND HAS INCREASED FOR WAREHOUSES
27%
18%
DEMAND HAS INCREASED FOR LAND
17%
31%
DEMAND HAS INCREASED FOR STOREFRONTS
14%
0%
DEMAND HAS DECREASED FOR STOREFRONTS
2%
0%
DEMAND HAS DECREASED FOR WAREHOUSES
2%
1%
DEMAND HAS DECREAED FOR LAND
1%
0% 20% 40%

Commercial Property
Values Near Dispensaries
 Approximately two-thirds of members in states where marijuana is legal to
some extent had not seen a change in commercial property values near
dispensaries.
 One-fifth of members had seen an increase and 10 to 13 percent had seen a
decrease in commercial property values near dispensaries.
Commercial Property Values Near Dispensaries
7%
8%
12%
INCREASED SLIGHTLY
13%
71%
NO CHANGE
66%
9%
DECREASED SLIGHTLY
9%
1%
4%
0% 20% 40% 60% 80%


Commercial Property
Values Near Growing Land
 Approximately two-thirds of members in states where marijuana is legal to
some extent had not seen a change in commercial property values near
growing lands.
 Nearly one-quarter of members in these states had seen an increase and six
percent had seen a decrease in commercial property values near growing
lands.
Commercial Property Values Near Growing Land
4%
13%
18%
INCREASED SLIGHTLY
15%
73%
NO CHANGE
66%
5%
DECREASED SLIGHTLY
4%
1%
2%
0% 20% 40% 60% 80%


Change in Who Will
Lease Near a Dispensary
 About three in 10 commercial members noted some tenants do not want
to be near a dispensary; however, the highest share did not know.
Change in Who Will Lease Near a Dispensary
42%
DON’T KNOW
43%
SOME TENANTS DO NOT WANT TO 29%

BE NEAR A DISPENSARY
27%
19%
NO CHANGE
20%
2%
DEMAND TO BE NEAR A DISPENSARY
1%
9%
OTHER
Too early to know.
0% 20% 40%

Perception of Crime

Perception of Crime
Changed Near Dispensaries
 In states where only prescription marijuana is legal, 39 percent of
commercial members said there was no change in the perception of crime.
16 percent cited an increase in the perception of crime.
 In comparison, in states where both prescription and recreational marijuana
is legal, 31 percent of commercial members reported no change in the
perception of crime, and 18 percent reported an increase in the perception
of crime.
Perception of Crime Changed Near Dispensaries
37%
DON’T KNOW
43%
39%
NO CHANGE IN CRIME
31%
16%
INCREASE IN CRIME
18%
2%
DECREASE IN CRIME
1%
6%
OTHER
7%
0% 20% 40%

Crime Changed Near
Dispensaries
 In states where only prescription marijuana is legal, 43 percent of
commercial members cited no actual change in crime and seven percent
said there was an increase in crime.
 In comparison, in states where both prescription and recreational marijuana
is legal, 28 percent of commercial members said there was no change in
crime and eight percent reported an increase in crime.
Crime Changed Near Dispensaries
42%
DON’T KNOW
57%
43%
NO CHANGE IN CRIME
28%
7%
INCREASE IN CRIME
8%
1%
DECREASE IN CRIME
1%
7%
OTHER
8%
0% 20% 40% 60%


Commercial Leasing

Leasing to Marijuana
Related Businesses
 The majority of commercial members were not currently leasing to
marijuana-related businesses.
 Seventeen percent of commercial members in states where prescription
marijuana is legal were leasing to marijuana businesses.
 In states where both recreational and prescription marijuana is legal, six
percent were leasing to marijuana related businesses.
Leasing to Marijuana Related Businesses
70%
NO NOT LEASING TO MARIJUANA
BUSINESSES
81%
17%
YES, LEASING TO MARIJUANA
BUSINESSES
6%
4%
DON'T KNOW
5%
9%
OTHER
Will and would like to lease
to marijuana businesses. 0% 20% 40% 60% 80%

Lease Addendum or Provisions:
Growing, Storage, or Sales of Marijuana
 Half of commercial members reported that no additional addendums were
added to leases when the business is related to marijuana.
 More than one-quarter of commercial members in medical marijuana states
and one-fifth of in medical and recreational marijuana states did have lease
addendums.
Addendum or Provisions Added to Leases Restricting

Growing, Storage, or Sales of Marijuana
50%
NO ADDENDUMS ADDED
51%
27%
ADDENDUMS ADDED
20%
8%
OTHER
9%
16%
DON'T KNOW
20%
0% 20% 40% 60%


Leasing Concerns of
Marijuana Businesses
 The most frequently cited concern of commercial members was the smell
when leasing to marijuana related businesses, followed by theft of cash on
property, fire hazards, and moisture issues.
Leasing Concerns of Marijuana Businesses
36%
NO ISSUES
44%
34%
SMELL
28%
29%
THEFT OF CASH ON PROPERTY
22%
11%
FIRE HAZARDS
20%
16%
MOISTURE ISSUES
16%
12%
CROP THEFT
11%
4%
BURNING OF CROPS
5%
0% 20% 40%

Landlords Willing to Take Cash
from Marijuana Proceeds for Rent
 About half of commercial members cited landlords were unwilling to accept

cash for rent.
 About one-quarter said that some landlords would take cash for rent, but a
small portion would not ask where the cash comes from.
Landlords Willing to Take Cash from Marijuana Proceeds

for Rent
NO, MOST WILL NOT TAKE CASH AT 23%

ALL
22%
NO, MOST WILL NOT TAKE CASH 17%

FROM ILLEGAL FEDERAL ACTIVITY
16%
18%
YES, SOME TAKE CASH
14%
MOST LANDLORDS WILL TAKE CASH 5%

AND DON'T ASK WHERE CASH COMES
FROM 7%
5%
YES, NEARLY ALL ARE
7%
0% 20% 40%

Methodology
The 2018 Marijuana and Real Estate survey was sent through email in September
2018 to a random sample of 75,000 NAR members who practice residential real
estate and 62,000 NAR members who practice commercial real estate. The survey
received 6,987 responses from residential members and 949 responses from
commercial members for an overall response rate of 5.8 percent. The confidence
interval at a 95 percent level of confidence is +/-1.35 percent. All information in
this report is representative of NAR member characteristics in 2018.
The sample was divided by states who legalize medical marijuana only and states
who legalize marijuana for both medical and recreational use. As of October 2018,
nine states and D.C. legalize both medical and recreational marijuana use (Alaska,
California, Colorado, Maine, Massachusetts, Nevada, Oregon, Vermont, Washington,
and Washington, D.C.). As of October 2018, 24 states legalize only medical
marijuana use (Arizona, Arkansas, Connecticut, Delaware, Florida, Guam, Hawaii,
Illinois, Louisiana, Maryland, Michigan, Minnesota, Montana, New Hampshire, New
Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Pennsylvania,
Puerto Rico, Rhode Island, and West Virginia). There were 2,768 respondents from
states who legalize only medical marijuana and 2,403 respondents from states who
legalize marijuana for both medical and recreational use.
©2018 National Association of REALTORS®

All Rights Reserved.
May not be reprinted in whole or in part without permission of the
National Association of REALTORS®.
For reprint information, contact data@realtors.org.

The National Association of REALTORS® is America’s largest trade association, representing
1.3 million members, including NAR’s institutes, societies and councils, involved in all aspects of
the real estate industry. NAR membership includes brokers, salespeople, property managers,
appraisers, counselors and others engaged in both residential and commercial
real estate.
The term REALTOR® is a registered collective membership mark that identifies a

real estate professional who is a member of the National Association of REALTORS®
and subscribes to its strict Code of Ethics.
Working for America’s property owners, the National Association provides a facility for
professional development, research and exchange of information among its members
and to the public and government for the purpose of preserving the free enterprise
system and the right to own real property.
NATIONAL ASSOCIATION OF REALTORS®

RESEARCH GROUP
The Mission of the NATIONAL ASSOCIATION OF REALTORS® Research Group is to
produce timely, data-driven market analysis and authoritative business intelligence to serve
members, and inform consumers, policymakers and the media in a professional and accessible
manner.
To find out about other products from NAR’s Research Group, visit
nar.realtor/research-and-statistics
NATIONAL ASSOCIATION OF REALTORS®

Research Group
500 New Jersey Avenue, NW
Washington, DC 20001
202-383-1000
data@realtors.org

2018 Marijuana and Real Estate A Budding Issue Survey 11-02-2018

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Marijuana and Real Estate:

National Association of REALTORS® Research Group

NAR 2018 – Marijuana and Real Estate: A Budding Issue

NAR 2018 – Marijuana and Real Estate: A Budding Issue

NAR 2018 – Marijuana and Real Estate: A Budding Issue

MLS Contains Marijuana Fields

0% 20% 40% 60% 80%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Residential Inventory Tightened Due to All-Cash

0% 10% 20% 30% 40% 50%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Residential Property Values Near Dispensaries

0% 20% 40% 60% 80%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Homeowner Association Rules and Regulations

HAVE RESTRICTIONS SMOKING IN COMMON 22%

HAVE RESTRICTIONS GROWING INSIDE HOME

ALLOW GROWING INSIDE HOME

ALLOW SMOKING IN COMMON AREAS

ALLOW GROWING IN COMMON AREAS

NONE OF THESE NOTED

NAR 2018 – Marijuana and Real Estate: A Budding Issue

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Experience Selling a Grow House

0% 20% 40% 60% 80%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Difficulty Selling a Grow House

NOT HARD TO SELL

0% 20% 40% 60% 80%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Disclosed Home Sale as a Grow House

0% 20% 40% 60% 80%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Title Issues Selling a Grow House

NAR 2018 – Marijuana and Real Estate: A Budding Issue

NAR 2018 – Marijuana and Real Estate: A Budding Issue

 The majority of residential property managers had not seen addendums

Addendum or Provisions Added to Leases Restricting

0% 20% 40% 60%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Difficulty Leasing Property After Growth or Use of

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Utility Costs When Tenant is Allowed to Grow

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Self-Contained Growing Box/Machine When Tenant is

0% 20% 40% 60%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Landlords Willing to Take Cash from Marijuana Proceeds

NO, MOST WILL NOT TAKE CASH AT 23%

MOST LANDLORDS WILL TAKE CASH 22%

NO, MOST WILL NOT TAKE CASH 12%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

NAR 2018 – Marijuana and Real Estate: A Budding Issue

NAR 2018 – Marijuana and Real Estate: A Budding Issue

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Commercial Inventory Changes

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Commercial Property Values Near Dispensaries

0% 20% 40% 60% 80%

NAR 2018 – Marijuana and Real Estate: A Budding Issue

Commercial Property Values Near Growing Land

0% 20% 40% 60% 80%

NAR 2018 – Marijuana and Real Estate: A Budding Issue