Steve Katkov discusses how towns in New Jersey and New York can block the growth of the marijuana business in CoStar News. States across the nation are legalizing the use of recreational marijuana with the opening of retail, processing, and cultivation sites considered a potential boon for commercial real estate. However, local jurisdictions such as New Jersey and New York are dictating what happens next and they are often simply saying no to these cannabis businesses.
“Licenses are typically tied to the real estate, and landlords have come to appreciate this fact: no lease, no license,” said Steve. In places such as New Jersey and New York, in order to obtain a cannabis license, a company must already have a site lined up with a lease or letter of intent from a landlord.
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