I was wondering if anyone has experience with Medical Marijuana Dispensaries. We have received numerous requests by potential tenants to open dispensaries in our properties. Has anyone seen an uptick in crime in their properties due to these types of businesses?
Hi @James Chung ! As long as the lease has certain indemnification provisions it shouldn't be an issue. Dispensaries are still only for medical in NJ, so it shouldn't increase crime at all. In the event that they can sell recreational marijuana in the future, it may increase a different kind of traffic, but I wouldn't worry about crime as much as other tenants in the center not being a good match if it's not free standing.
Just moved out from colorado. Colorado saw a decrease in crime with legalization
it could effect your banking relationships. Many banks will shut down accounts if/when they realize you're accepting payments from a dispensary because it isn't legalized at a federal level, and banks adhere to federal regulations.
Thank you for all the feedback!
when I opened my business account at my bank I had to sign tons of papers that no part of my business would have any dealings with the marijuana industry . Beware about banking in the future ..also I would say are you really that hard up for tenants that you’d allow a drug business of profiting off people’s misery to be part of your business plan . Weed got me into the drug world it was a stepping stone for sure and caused me much grief in life . Even though it’s for medical use you know the reality is it will be like OxyContin and end up in the wrong hands for sure . Besides, There’s no doubt your going to have many dubious characters and thefts on your property just like casinos or strip clubs get . I’d be surprised if the insurance company didn’t forbid this like the lending institutions do .
Best to stay clear of the drug industry, whether its legal or illegal.