My mom has 20 acres of vacant land that has recently (this month) been zoned for cannabis cultivation. We're looking for a buyer or an agent who can help us sell the parcel. I'm wondering if I should hold or try to offload. Would welcome any advice from people with experience in this! Thanks.
list it with a good AG broker there in the southern central valley
The best option for selling may be to market it to cannabis shops that are vertically integrated or looking to do so (meaning they cultivate their own product). The real value or vacant land in that area would be the zoning so you would want to find a buyer that will use it for that.
Hi @Frank Kim ,
My company operates in the cannabis space and if you are indeed properly zoned we may have an interest in the property or know someone who is. Would you be able to send me a private message with some more details? For example, address, asking price, pictures, anything/whatever you might have. I understand if you don't have it listed and don't have any formal documents.
Your vacant land is worth considerably more now. Many municipalities are choosing to refrain from zoning vacant land for cannabis cultivation (I guess they don't like money!). What this means is if you have land zoned for this, you suddenly now have land that is much more rare and valuable to cannabis business owners.
I'd offload it now, right as cannabis biz owners are now applying for licenses for this. You CAN hold onto it and lease it, but you run the risks of federal preemption unless the federal laws change. I'd sell at top dollar right now and let others deal with any potential headaches in the future. Pick an agent that has experience with this very type of thing. If you can't sell it then consider leasing it, but have a good attorney's business card in your pocket.
I would offload it as quick as you can in case the federal government decides to push the issue further on it being illegal.