Marijuana interest driving Greater Portland real estate deals
With recreational marijuana use on the verge of becoming legal in Maine, real estate brokers are seeing a jump in demand for industrial spaces that could become indoor marijuana farms in the not-too-distant future.
Marijuana is scheduled to become legal to use and possess Jan. 30, but the scramble for suitable warehouse space for commercial growing has begun, helping to push lease rates to nearly twice what they were six years ago in Greater Portland.
But uncertainty about the regulatory process, which is just beginning in Augusta, efforts by a growing number of communities to set up local zoning rules, and unanswered questions about how the Trump administration will respond to marijuana legalization efforts at the state level may discourage some Maine landlords and tenants from rushing into new spaces, real estate experts say.
But it may not be long before that changes.
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