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Kelowna and Edmonton named next real estate ‘hot spots’ in cannabis market: RE/Max

Two cities in Western Canada have been named the next commercial real estate “hot spots” for the cannabis market, according to a report.


READ MORE:
Legal marijuana spurs demand for commercial real estate, particularly in Alberta

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.

WATCH: Cannabis IQ: Legal marijuana could mean new jobs and cash in Alberta’s economy






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.

This increase comes after Kelowna’s real estate market saw an eight per cent decrease in total sales value for its commercial property year over year.

Meanwhile, it is anticipated that vacancy rates will continue to drop and lease rates will rise moderately for the remainder of the year in Edmonton thanks to the arrival of Aurora Cannabis.


READ MORE:
Ontario Real Estate Association calls for stronger protections against marijuana grow ops

New construction, particularly in the Leduc and Nisku areas of the city, has been burgeoning amid the addition of a 74,322 square metre medical marijuana production facility and a 37,161 square metre auto parts and distribution warehouse from Ford Canada.

“Cannabis is adding an additional demand segment to the overall market, for industrial or retail,” said Elton Ash, regional executive vice-president at RE/MAX of Western Canada on Wednesday.

“It’s good news from a landlord perspective.”



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What is a Sativa?

Sativa strains of medicinal marijuana are usually uplifting and stimulating. If you’ve ever smoked or ingested cannabis that makes everything funny and puts you in a great mood, it was probably from a Sativa strain. It creates a feeling of comfort, non-drowsy, and usually introspective highs. The effects of smoking or ingesting a Sativa makes them particularly popular among artists and creatives. The most popular medicinal benefits range from treating mental and behavioral problems, to treating depression, stress and ADHD.

What is an Indica?

The major difference between Sativa’s and Indica’s is while a Sativa can make you feel alert, active, and aware, an Indica will have a relaxing feel on the body. The physical effects of an Indica strain commonly include a drowsy and mellow mood with stress and pain relief. Indica’s are one of the more suggested strains when using it for medicinal purposes as it effectively treats sleeping disorders such as insomnia, fibromyalgia, body aches and pains. Indica’s are also commonly used for treating Multiple Sclerosis, Parkinson’s disease, Fibromyalgia and Lupus

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