How Cannabis Legalization In Arizona Offers A Forecast For Commercial Real Estate In Other Markets

In November 2020, Arizona voters approved Proposition 207, also known as the Smart and Safe Arizona Act, by a margin of 60% to legalize recreational cannabis. The state achieved one of the fastest adult-use rollouts out of any U.S. cannabis market. By the end of January 2021, adult consumers were making dispensary purchases, and there were 73 dispensaries approved for dual licenses out of more than 100 on the first day of recreational sales. In…