Some would-be cannabis entrepreneurs who have already obtained a license from New Jersey are now having trouble finding affordable retail space. Turns out, the minute you say 'marijuana,' landlords jack up their asking rent.
Observers say of the 300-plus licenses awarded so far, as many as 50% may have to give up because commercial landlords are charging them rent through the roof once they hear marijuana is involved.
"You're normally used to spending a couple of thousand dollars on a commercial lease for property," Chirali Patel of Blaze Law Firm told FOX 5 NY. "Now you're talking minimum $10K and above for the same property because as soon as the landlord hears the word 'cannabis,' it's like a 10X almost."Approximately 70% of New Jersey townships have banned recreational cultivation, manufacturing, or retail.
Recreational marijuana is still illegal under federal law, making her business the kind banks are not eager to loan money to. "So you're going to be paying five to six months of rent without making any income. So can you imagine paying $16,000 a month until you open — let's hope you open in November?" Solana told FOX 5 NY. "I've been paying rent since May, and it's been a struggle for me."
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