Marijuana Industry and Real Estate Investing

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I have noticed that the OKC market has been very competitive lately, especially given the time of the year. I spoke with an agent today with strong ties to the city government. They stated that the thriving marijuana industry is playing a large role in the increased competition for properties. Medical marijuana sales have been legal in the state for a little over a year, but it is still federally illegal. We are seeing a large influx of growers, dispensaries, etc around the city/state. This agent said a lot of marijuana business owners are parking their cash into real estate and legitimize their income.

For those of you in states where medical marijuana sales have been legal for a few years, have you seen any trends or changes in your local real estate markets related to the marijuana industry? Also, do any Oklahoma investors know anything about this trend?

Quick stats from the MLS:

Jan 2019Jan 2020
Average days on Market    36    29
Average Sales Price$163,000   $170,000
Total Sales1,427   1,621

We have seen an increase in applicants from out of state moving here to work in the marijuana industry, and we have one local tenant who mentioned that he has brought people in from Colorado and Canada and was currently renting 6 houses for them in NW OKC and Edmond. 

@Ralph Justiz I've heard more an more investors talk about. I know some that are liquidating everything to invest more into the marijuana industry. I just spoke with an investor this week that is wanting to invest in the area by buying commercial but also wanting to buy residential to diversify their investments here.. marijuana is to thank for them coming into the area though!