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Commercial real estate sector in Alberta may heat up from pot

Looks like the legalization of marijuana may heat up Wild Rose Country's business sector. Alberta has received 87 applications so far from people wanting to open pot stores, which will be smoking hot for the commercial real estate sector. The Alberta Gaming and Liquor Commission (AGLC) is expecting more.

The applications were filed in Edmonton, Calgary and St. Albert -- a small bedroom community outside Edmonton -- Fort McMurray, Lethbridge and Red Deer. Those looking to open shop are apparently finding it difficult to find spaces. Not all communities are processing the ramifications of legalization in the same way and are taking their time fashioning municipal bylaws. 

It has also been difficult in some circumstances, to explain to landlords of these commercial spaces how it will all work out with legal marijuana. There is still a great deal of social stigma attached to pot use. Those who object to these applications can file objections with the AGLC, but have to do so within 21 days of becoming aware of an application. So far, none of the larger companies have filed applications to open storefronts.

No doubt, commercial real estate in Alberta will get a boost from entrepreneurs looking to grow their businesses by including the sale of marijuana. Those who are thinking about inking any deals may benefit from the advice of legal counsel. A lawyer who is experienced in real estate law will know the ins and outs of legalities with respect to commercial real estate transactions. He or she will have the best interests of his or her clients in mind during every step during a real estate deal.

Source: globalnews.ca, "87 applications received so far for Alberta cannabis retail stores", John Himpe Reporter, March 28, 2018

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