PHOENIX — A new bill that would legalize the use of recreational marijuana in the state of Arizona could benefit the state’s real estate market.
According to the Phoenix Business Journal, Arizona could see an uptick in its real estate market if HCR 2037 passes on the upcoming 2018 ballot.
With the addition of potential marijuana-related businesses taking up space, Arizona could decrease its vacancy rate. Last year, the state had a 19.5 percent rate compared to Colorado’s — who legalized marijuana back in 2012 — 14.4 percent rate.
Among the vacant structures, the Class B (24.2 percent) and C buildings (22.1 percent) make up a lot of Phoenix’s vacancy rate.
Looking at industrial space, Denver had a 4.7 percent vacancy rate, while Phoenix came in at 8.0 percent.
Should it be passed by the House and Senate, the matter would be placed on the November ballot. Opposition among Republican lawmakers to legalizing the drug has been strong, so its success remains in doubt.
The resolution would allow people over the age of 21 to possess up to one ounce of marijuana and grow six plants, provided they are kept out of the public’s view.
Smoking in public would be banned and cities and towns could bar businesses that sell the drug. Current medical marijuana laws on the books would remain in place.
The proposal would tax sales and allow employers to bar workers from using marijuana.