Recreational marijuana the new real estate stimulus

Along with the District of Columbia, there are currently nine states that have legalized the recreational use of marijuana. Although marijuana is legal for medicinal purposes in Arizona; recreational use remains illegal. But, a new resolution would allow people over the age of 21 in the state to possess up to one ounce of marijuana and grow six plants, provided they are kept out of the public’s view.

If HCR 2037 passes Arizona’s House and Senate, then it will be left to the voters to decide on the upcoming 2018 ballot. In addition to the tax revenue that sales would create, the proposal could also stimulate the state’s real estate market. For example, Colorado was one of the first states to legalize the recreational use of marijuana in 2012, and its vacancy rate is now a mere 14.4 percent, compared to 19.5 percent in Phoenix. The lower rate is being attributed to marijuana-related businesses setting-up shops around cities like Denver, which had a 4.7 percent vacancy rate in 2017 for industrial space, versus 8.0 percent in Phoenix.

Some additional stipulations regarding the bill include:

Smoking in public would be banned and cities and towns could bar businesses that sell the drug. Current medical marijuana laws on the books would remain in place.

The proposal would tax sales and allow employers to bar workers from using marijuana.

Since Republicans hold the majority in both the House and Senate in Arizona, the bill is likely to encounter strong opposition from conservatives before it can make the ballot.

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