MARIJUANA ‘HOT SPOTS’ NAMED
Two cities in Western Canada have been named the next commercial real estate “hot spots” for the cannabis market, according to a report. Real estate firm RE/ Max Commercial says that Kelowna, B.C., and Edmonton are both expected to see positive commercial growth in the coming months as a result of cannabis legalization. Prices for commercial real estate in the southern B.C. city are anticipated to see an uptick, as approval for cannabis retail licences will be “extremely competitive” amid high demand once the substance becomes available. Kelowna, which is located in the Okanagan Valley, has already identified more than 900 potential zoned sites for dispensaries. Lease rates for industrial spaces in the area are also expected to rise as marijuana companies vie for more space to house their operations, says the annual Commercial Investor report.