Retail real estate listings for cannabis have been made available in MLS® systems across British Columbia for the very first time.
Late last week, commercial brokerage Vancouver Business Brokers announced that it will be taking advantage of the sector’s consistent growth, ensuring that a diverse range of investors can benefit from the still-burgeoning industry.
Among these listings are retail storefronts on 16th Avenue (with a 10-year lease) and a retail space in close proximity to Main Street and adjacent to the Browns Craft House (with a 5-year lease and a 5-year option).
Official figures placed the consumption of recreational cannabis at over $43 million ever since Canada began regulated sales. Experts have estimated that the market will most likely reach nearly $5 billion by 2024.
BC alone will see the number of consumers reach roughly 725,000 by the end of this year, making the province the third largest cannabis market nationwide.
Long-time advocate and EggsCanna owner Oana Nicoara welcomed the new listings as a significant step for both the cannabis and the commercial real estate industries.
“Cannabis and hemp will have vast reach across many industries. We have seen cannabis cultivation and retail naturally evolve and take the spotlight. However, with world markets rapidly opening and our own Canadian framework now including the burgeoning derivative market, I believe that cannabis and/or hemp will become commonplace in many industries,” Nicoara said.