The legalized use of recreational marijuana in California came into effect on January 1st, 2018, as a result of the passage of Proposition 64 in the 2016 election. However, despite the fact that the state of California has now made the it legal to use marijuana recreational for adults over the age of 21, there are several complications regarding marijuana use, production, and distribution. The most glaring issue is the fact that the Federal government still maintains marijuana as a Schedule 1 controlled substance by the Drug Enforcement Agency, rendering the drug illegal according to Federal law. However, that classification hasn’t stopped the boom of the marijuana industry in the 30 states that has legalized some form of cannabis use. In California, the rapid growth of the marijuana industry has made many people excited to consume, distribute, grow, and sell. However, there are substantial real estate considerations that all parties should be aware of, before investing money or signing a lease for a grow facility.
The real estate law firm Brewer Offord & Pedersen LLP recently teamed up with the American Apartment Owners Association (AAOA) to present an informative webinar about the potential pitfalls for California rentals caused by the legalization of marijuana. In this webinar, attorneys Ashlee D. Gonzales and Adam L. Pedersen provide a detailed look at this emerging issue.
Read more and download the slides here: https://www.brewerfirm.com/wp-content/uploads/2019/06/AAOA-March-26-Marijuana-Laws-and-Rentals.slideshow.pdf