Everyone's talking about it? Mostly everyone I know has applied, will be applying or has at the least thought about applying.
Last year, the Nevada Legislature approved a bill that would allow for 66 medical marijuana business licenses, of which 40 were to be issued in Clark County. Hundreds of applications for services from growing facilities to dispensaries were received even after the Nevada Gaming Control Board issued a statement in May 2014 that NO Nevada Gaming Control Board licensees or applicants can open a medical marijuana business.
A major issue that many medical marijuana entrepreneurs are facing is finding a suitble location for the business. A medical marijuana facility cannot be located within 1,000 feet of a school or within 300 feet of a community facility. In unincorporated Clark County, a production or cultivation facility cannot be within 660 feet of a residential property line. Under state law, the business must be located within a commercial, industrial or overlay zoning area. The owner of the medical marijuana establishment must own the real estate or have written consent from the landlord. Prior to applications being submitted to the County, some applicants were even told that the Tenant Improvements and Security measures needed to be completed PRIOR to presentation in front of the Commissioners. With so many rules and jumping through hoops to make it happen, it's fascinating to see the number of applicants rushing to meet the deadlines.
After all was said and done, Clark County picked 18 of the 79 applicants for medical marijuana dispensaries spread throughout Clark County...and now these applicants will have to get approval from the state.
This past Wedensday dozens of applicants rushed through the doors to meet the 3pm deadline for the City of Las Vegas. The City received nine cultivation applications, five production applicants, and 47 applicants competing for only 12 dispensary licenses. Many of the proposed dispensaries were near South Decatur and Sahara, Downtown Las Vegas and Fremont Street.
One of the safest cities in America (as ranked by the FBI), Henderson, also finally allowed medical marijuana within it's borders. The deadline for the City of Henderson was July 17th, 2014 at 4pm to apply for the five dispensaries allowed within the city's limits. Henderson included guidelines that increased the distance of the medical marijuana establishments away from homes and community centers.
Our office has received many calls in the past several months for assistance in finding a suitable site. It's been very interesting to go through the process of finding sites that meet all the requirements...one incorrect analysis and the client's application would most certainly get denied.
A further discussion to have is the affect that these dispensaries and cultivation sites will have on our home values. While this industry provides an increase to jobs and construction, will we see an equal demand for Las Vegas real estate? How does the conflict between the state and the federal government regarding medical marijuana affect issues arising for landlord and tenants (residential or commercial)? Are commercial sites near medical marijuana facilities going to see an increase in pricing or a decrease? Many of the answers to these questions and more will be addressed in a later post...so stay tuned.
In the meantime, just know that whatever your real estate need may be, even if it's a medical marijuana cultivation or dispensary site, call me for more details, information or answers to your real estate related questions.
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