Weed Is Legal Recreationally, What Impact Will It Have On Chicago & CRE?

Effective January 1st, marijuana will be legal in Illinois, making it the 11th state to legalize it for recreational purposes. As cannabis dispensaries open their doors to the people of Chicago most in the Commercial Real Estate industry still have a lot of questions. What are the zoning and regulations around opening a dispensary? What are the laws around growing cannabis and the equipment being used?

Besides generating millions of dollars from taxes, dispensaries could be the silver bullet that retail needs. The average dispensary generates $1513 per sq. ft. In comparison, Lululemon generates $1560 per sq. ft. and is the leader in apparel sales across the country. As retail has struggled landlords have looked to businesses such as dry cleaners, salons, and gyms to drive foot traffic. Dispensaries could become the next must have retail tenant to drive people to stores.

Join us and our all star line up of industry experts as we dive into these topics and more!