Ohio has become the 24th state to legalize recreational marijuana use in the United States. Issue 2 won by a landslide showing the swing state is on board for a regulated and legalized market. Similar to other passed legislations residents will be allowed to grow in private residences. . The 10% tax will support social equity, jobs, addiction treatment and administrative costs of the program. Medical marijuana has been legal in the Buckeye State since September of 2016. Nearly a decade later, after 60,000 people were arrested for cannabis-related offenses and over quarter of a million dollars in profit from police arrests the community has spoken. While the industry rejoices at another open market and one step closer to federal legalization or at least more proponents of the S.A.F.E. Banking Act, Michigan insiders discuss the new competition for customers. The Wolverine State legalized in 2018 and in 2022 cleared over $300 million in cannabis tax revenues and $3 billion in sales. The new opportunities for Ohioans to reap the benefit of bud by buying in state is phenomenal, but this trend of market unpredictability is the steepest learning curve for all in cannabis, but especially social equity licensees.
High home values…just not for the Land of Lincoln
A real estate researcher made a pretty insightful discovery recently when tracking the relationship between housing values and states with legal cannabis. Apparently property values grow faster in states with dispensaries and since 2014 by $67,359. Thetop three states with the biggest jumps in home values because of bud are Hawaii ($370,502), California ($359,104) and Washington ($320,091). Illinois ($88,930) sadly is in last place with property values increasing by only 25% of the top three states.Brannons findings also illuminated cities that have dispensaries report higher average home values in comparison to cities without dispensaries. According to the study 69% of Americans say they would purchase a home within 1-mile of a dispensary and the commodity is being seen as much safer than tobacco or alcohol. Finally states that don’t have medical cannabis programs have the lowest home value increases. States without medical have average home values of $137,320 in comparison to states with medical having average home values of $166,609 a nearly $30,000 increase in value. Eventhough Illinois has not seen the increase in value of homes due to the industry, the state in 2022 ranked third in tax revenue with $466,816,883. California took the number one spot $1,113,465,374 and Washington earned $511,123,712.
Data source www.realestatewitch.com Matt Brannon