Challenges abound in New Jersey’s hot cannabis real estate market
Boston-based cannabis multistate operator Ascend Wellness Holdings, which operates in northern New Jersey, found that the area had “arguably some of the most expensive real estate, commercial real estate, industrial real estate, definitely in the eastern part of the country,” Chief Strategy Officer Frank Perullo said.
“As we started looking, we noticed that the prices were high regardless of the condition of the building – it was a market that was hot with or without cannabis.”
Still, out-of-state companies such as Ascend have secured real estate by: