Marijuana Industry Worries About Crackdown On Recreational Use
The Department of Justice will likely crack down on the recreational use of marijuana, even in the states where it is legal, according to White House Press Secretary Sean Spicer — news that is not good for industrial real estate.
There is a close connection between the pot business and industrial properties used as grow houses. One in five American adults can use marijuana legally according to states' laws and the industry is already worth $6B, Bloomberg reports.
Cowen & Co. estimated the industry will be worth $50B by 2026. Experts said Spicer’s comments, if acted upon, would go against public opinion, reverse existing federal policy and hurt light industrial markets across the country.