Stephanie Smith, a long-time California property owner, has been leasing property to the southern California cannabis industry since 2009, after being pleasantly surprised at the cannabis bidding war that ensued on one of her warehouse listings she thought was best-suited for a laundromat.
“Within about 45 minutes, I had someone who wanted to lease it for cannabis, and then more and more people wanted to lease for cannabis and there began a bidding war for cannabis for that property,” Smith says. “I learned a very quick lesson on what market rates would be and how much interest there was.”
Now, Smith manages 50 cannabis properties and repurposes industrial spaces for processing, manufacturing and extraction, not just indoor cultivation.
“I saw it as an opportunity to use real estate with social justice and to be a part of pushing this marijuana issue forward in a way that I felt like would be really effective, that by being that professional landlord and holding tenants responsible for things like insurance and paperwork and legal compliance, that I was helping an industry I really believed