WSJ reporter Donna Kardos Yesalavich highlights the real estate side of the burgeoning cannabis industry.
Zoned Properties (ZDPY) bought a 5-acre complex including 83,000 sq.ft. of warehousing in Tempe, AZ for $4.6M and another parcel in Gilbert, AZ for $1.1M. It plans to lease the assets to medical pot firms.
MediSwipe (MWIP) acquired 80 acres in CO for the modest sum of $122,500, but will invest up to $5M in greenhouses and infrastructure. It expects to charge $15/sq.ft. to pot growers. This is about a 3x premium over local prices for warehouse space. The company reports it has three tenants in line to lease a total of 15 acres starting as early as May.