Going “green” has a new meaning these days. There are more than 50 legislative initiatives nationwide legalizing or decriminalizing medical or recreational marijuana this year alone. Some say legalization is good for the economy and great for real estate values. They cite Denver as an example of success. Is it true?
So far Alaska, Colorado, Oregon, Washington state, and Washington, D.C., have legalized recreational, as well as medical, marijuana for adults and 20 more states have legalized medical marijuana: Arizona, California, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, Pennsylvania, Rhode Island and Vermont.
Federal marijuana policies haven’t changed much though. According to the Office of National Drug Control Policy, "these state marijuana laws do not change the fact that using marijuana continues to be an offense under federal law.”
Now that’s confusing. If it’s legal locally but not nationally, is it still legal?
President Obama stated last year that decriminalizing marijuana possession would help boost the U.S. economy by reducing incarceration costs.
Obama told Vice News last March, "You're starting to see not just liberal Democrats, but also some very conservative Republicans recognize [prohibition] doesn't make sense, including sort of the libertarian wing of the Republican Party. They see the money and how costly it is to incarcerate. So, we may actually be able to make some progress on the decriminalization side."
How does all this affect real estate?
Many people look at Denver as a pot of gold, so to speak. For almost three years now, the housing market in Colorado has been booming, but is it due to the legalization of marijuana? Some people think so...
And how do you protect yourself as a landlord when tenants toke up on your property?
Get the full transcript at www.NewsForInvestors.com
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