Regardless of your area of real estate expertise, your real estate market, or where you stand on the issue of legalized marijuana, the impact of marijuana use and production continues to be felt across the country…and throughout the real estate industry. That impact will only continue to grow as more states legalize marijuana use for medical and recreational purposes.
From illegal grow houses to commercial dispensaries -- and from landlord/tenant issues to employer/employee concerns -- this topic offers articles, reports, and other resources to help “clear the air” for residential and commercial real estate practitioners, property managers, and brokerage managers alike.
This Window to the Law video examines the legal issues that a real estate professional may encounter as marijuana becomes legal for both medical and recreational use in many U.S. jurisdictions. View a slide presentation here.
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Impact on Property Value
New Study: How Legalizing Recreational Marijuana Impacts Home Values (Clever, Aug. 19, 2019)
The Effect of Legalizing Retail Marijuana on Housing Values: Evidence from Colorado (Economic Inquiry, Jul. 2018) E
The Effect of Marijuana Dispensary Openings on Housing Prices (Contemporary Economic Policy, Jul. 2019) E
I Accidentally Bought a Marijuana Grow House: Why Even Weed Lovers Should Be Very Afraid (realtor.com®, Apr. 18, 2019)
‘Legal’ Marijuana: The Implications for Commercial Real Estate (Greenbaum, Rowe, Smith, & Davis, Oct. 2018)
Property Management Concerns
How Today’s Rental Property Owners Can Prepare for Marijuana Legislation (National Real Estate Investor, Aug. 5, 2019)
Can I Say "No Pot in My Apartments" When It's Legal in My State? (Rental Housing Journal, Oct. 7, 2018)
Mixed Signals: Property Managers Need to Tread Lightly When It Comes to Marijuana Laws (National Real Estate Investor, Jul. 1, 2018) E
Up in Smoke: Marijuana Store Leads To Management Headaches (Journal of Property Management, May 1, 2018) E
As States Legalize Marijuana, Laws Remain Murky (Journal of Property Management, Jan. 1, 2017) E
Real Estate Opportunities
How COVID-19 Has Changed the State of Cannabis Real Estate (International Council of Shopping Centers, Apr. 24, 2020)
A Pandemic-Proof Asset? Marijuana Real Estate Has Fared Better Than Other Property Types (National Real Estate Investor, Apr. 2020) E
NAR Forum Asks if Marijuana Legalization Presents a Business Opportunity or Headache (National Association of REALTORS®, Nov. 13, 2019)
Marijuana and Real Estate: A Budding Issue (National Association of REALTORS®, Feb. 2020)
Clearing the Air about Marijuana in Qualified Opportunity Zones (Tax Management Real Estate Journal, Apr. 3, 2019)
Growth Opportunities: CRE Investors Stand to Profit from the Recent Wave of Pot Legalization (National Real Estate Investor, Jan. 1, 2019) E
Using a Cannabis Real Estate Investment Trust to Capitalize a Marijuana Business (Journal of Real Estate Portfolio Management, May 1, 2018) E
Medical Marijuana and the Workplace
Cannabis at Work: How Employers Are Reacting to the Legalization of Marijuana (Business News Daily, Jun. 10, 2020)
Cannabis & Employment Laws (National Conference of State Legislatures, Oct. 9, 2019)
Can Medical Marijuana Get You Fired? Depends on the State (Governing, May. 15, 2019) E
Legal Remedy: A Court Ruling Sharpens the Debate over Workplace Rules and Medical Marijuana (Njbiz, Apr. 29, 2019) E
From On High: A Discussion of Federal Law and State Court Decisions on Medial Marijuana and the Workplace (Benefits Magazine, Aug. 2018) E
eBooks & Other Resources
The following eBooks and digital audiobooks are available to NAR members:
American Landlord Law (Kindle, eBook)
The Complete Landlord.com Ultimate Landlord Handbook (Kindle, eBook)
Every Landlord's Legal Guide (eBook)
Strategies for Working with Small Tenants (Kindle, eBook)
What Every Landlord Needs to Know (Kindle, eBook)
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The inclusion of links on this page does not imply endorsement by the National Association of REALTORS®. NAR makes no representations about whether the content of any external sites which may be linked in this page complies with state or federal laws or regulations or with applicable NAR policies. These links are provided for your convenience only and you rely on them at your own risk.