In just a few short years, marijuana reform legislation has had a major impact. The nascent industry has created thousands of new jobs, generated billions of dollars in revenue and filled state coffers with millions in tax money. With every passing day, attitudes on the controversial plant are evolving and changing, undoing the damage done by decades of federal prohibition little by little.
That was very evident when most states with legal cannabis markets declared it essential and went to great lengths to ensure people still had access to their medical marijuana, especially immunocompromised individuals who had no choice but to self-isolate. Now, a new survey has uncovered that a portion of Americans find homes in legal states with proximity to cannabis businesses to be more attractive compared to those with no access to cannabis.
Published by real estate company Redfin, the study found that almost one-half of Americans, 46% to be exact, would prefer to live in locations that allowed cannabis rather than those that criminalized the drug. The survey involved 1,023 U.S. residents who had moved into a new home in the past 18 months. Of the 46% who preferred locations with cannabis access, 34% wanted to live in such locations while 12% said that they would only live where cannabis was legal.
However, legal marijuana was not an attraction for everyone, with 22% of the respondents preferring to live in places that still prohibited cannabis. Of these individuals, 10% were certain that they would never live in a place that allowed cannabis while the remaining 12% preferred to live in such locations but could probably be swayed by other factors.
A reported 32% of the respondents did not care either way and would not use cannabis legality to decide where they would live. Taylor Marr, Redfin’s deputy chief economist, says that while people will consider the politics of a place when deciding where to move, factors such as affordability, easy access to jobs and proximity to schools often take precedence.
Still, this survey joins a growing body of research showing that cannabis can have a positive impact on real estate values. An analysis from Clever Real Estate that leveraged data from online real estate marketplace Zillow revealed that marijuana policies were often associated with higher home property values, with legal cannabis states seeing home values increase by $6,338. This is partly because the tax revenue generated from cannabis sales can be invested in the community and used to develop infrastructure and public services.
As time goes by, science is likely to reveal even more economic and other benefits that come from having marijuana firms such as Red White & Bloom Brands Inc. (CSE: RWB) (OTCQX: RWBYF) being allowed to operate legally not just at state level but federally.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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