Real Estate Evaluation Report
If you are new to the cannabis industry, you may not know what to expect when it comes to real estate. Selecting the best real estate for your intended purpose is very important to the bottom line of your business. We offer the following consulting services from our Cannabis Industry Lawyer that also has his real estate license in Illinois. Whether you’re looking for cannabis real estate in Illinois, or beyond, the principles for what makes a good site remain the same.
We will provide you with an Evaluation Report on what we think are the “best” options that fit in your business goals. Here’s the steps we take in an infographic:
Elements of the Cannabis Real Estate Evaluation Report.
We have a four part plan for your Real Estate Evaluation Report. The entire report will identify the three best properties that fall within your parameters. Here are the four steps.
Discuss what license type exactly you want.
We need to know what you are going for exactly. Each license type is different. You do not want to put a grow where you’d put a dispensary and vice versa. We’d talk with you to see exactly what license you intend to obtain before moving forward.
Scout the location for issues we see with licensing.
Many places may not enable the best location because zoning has often been used to squeeze cannabis licenses out of the area where you may want to open. So we have to get creative, and maybe you will even need to lobby the city to change its law – which does happen every election season. California, Michigan, even Colorado are still seeing new cities that have legalized the cannabis business license.
We will identify three locations that we think would work best for your cannabis business’ real estate.
Find comparables or calculate basic yield.
Some states publish almost no sales data, which has led to a cottage industry of cannabis sales data. Some companies scrape websites, others are actually the website, and all that sales data is repackaged and sold for you to go find out how much you may sell or who is buying what. We use sales data from Washington State to find a comparable dispensary and we just use math to estimate average yields on canopy size or throughput of extraction.
For the comparable dispensary, we try to model that in the locations that we scout in terms of demographics, income and population density to estimate sales volume of dispensaries.
Draft the Report.
We take all the date and provide a written report to the client regarding the locations that we found, why we like them, the ballpark costs to develop the facilities and provide next steps for your company to take to either secure the real estate, or for the next step in the process to understanding your new cannabis business.
Real Estate Evaluation Report Infographic
Download link, Here.
Who’s Drafting Your Cannabis Real Estate Evaluation?
Attorney, Real Estate Broker & Former Stockbroker
Licensed to practice since 2008, Thomas Howard has represented numerous financial institutions in litigation to enforce their security interests. He became a licensed Series 7 stockbroker in October 2008, and left the industry to practice financial litigation after the market meltdown. In 2022 he earned his real estate broker’s license to better serve his clients’ needs in the emerging agriculture industry.
Since 2018, he has helped numerous cannabis companies in both the hemp and the adult use cannabis industry as their cannabis lawyer.As a result of his efforts, Mr. Howard has helped teams in cannabis all over the United States win licenses and capitalize them & maintains a high profile in the industry.Check Thomas out on Linked’in.