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November 5, 2020

Voters Speak Up Loud And Clear: They Want Recreational Cannabis

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It’s been a banner year for cannabis operators across the state, and on Tuesday, a majority of voters in six Chicago suburbs endorsed bringing recreational cannabis sales to their towns.

Many suburbs resisted allowing such operations after the state legalized the sale and use of recreational weed beginning in January. But the successful referendums in Wilmette, Mount Prospect, Batavia, Glen Ellyn, Elk Grove Village and Park Ridge are another sign that recreational cannabis is becoming more welcome across the region and is being increasingly seen as an economic development tool. Voters in Western Springs were the only ones to shoot down a cannabis proposal.   

“The public acceptance of the cannabis industry on the municipal level is increasing,” according to Barbara Webb, director of MGO, a national accounting and advisory firm that just opened a Chicago office.

Voters Speak Up Loud And Clear: They Want Recreational Cannabis

MGO serves cannabis operators, among other specialties, and Webb said the smooth debut of so many recreational cannabis stores and growing facilities around the Chicago area reduced the stigma once attached to the product, and the tax revenues and jobs created attract the attention of government leaders.“I can’t help but…

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One Election Day Winner No One Contests: Recreational Marijuana

 

The final outcome of the major federal elections was still disputed heading into Wednesday evening, but one clear message emerged from several statewide votes.

“Cannabis won big last night,” Subversive Real Estate Acquisition REIT CEO Richard Acosta said.

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'The Money's Always Green': CRE Market Watchers Shrug As Election Cliffhanger Continues

Lingering uncertainty still surrounded the 2020 presidential election as the day after the election drew to a close, but Democratic candidate Joe Biden is within a few electoral votes of being the unofficial winner of the contest, with news outlets varying between reporting 253 and 264 Electoral College votes for Biden out of the 270 required to win.

Even if he achieves that, questions remain about the finality of the outcome, as President Donald Trump has demanded recounts in close states and kicked off legal challenges. By Wednesday night, the Trump campaign had filed three lawsuits, one each in Pennsylvania, Michigan and Georgia, contesting the process for counting ballots, joining lawsuits that Republicans had already filed in Pennsylvania and Nevada.

The campaign also called for a recount in Wisconsin. That process could last weeks, with experts pointing to similarities with the contested 2000 presidential election, which was ultimately decided by the Supreme Court 36 days later.

For now, the country’s short-term uncertainty isn’t likely to have much of an impact on the CRE industry, but a continued divided government probably will, industry experts say. The blue wave that some pollsters predicted didn’t happen, keeping the status quo of a divided government in place, and possible policy changes that could negatively impact commercial real estate could also be slow to come, if at all.

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