Marijuana Industry and Real Estate Investing

[Ralph Justiz]

I have noticed that the OKC market has been very competitive lately, especially given the time of the year. I spoke with an agent today with strong ties to the city government. They stated that the thriving marijuana industry is playing a large role in the increased competition for properties. Medical marijuana sales have been legal in the state for a little over a year, but it is still federally illegal. We are seeing a large influx of growers, dispensaries, etc around the city/state. This agent said a lot of marijuana business owners are parking their cash into real estate and legitimize their income.

For those of you in states where medical marijuana sales have been legal for a few years, have you seen any trends or changes in your local real estate markets related to the marijuana industry? Also, do any Oklahoma investors know anything about this trend?

Quick stats from the MLS:

	Jan 2019	Jan 2020
Average days on Market	36	29
Average Sales Price	$163,000	$170,000
Total Sales	1,427	1,621