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The legalization of Cannabis- what does this mean for Toronto Real Estate?

On October 17th, the use of recreational marijuana in Canada will become legal. Annual sales for Canada’s recreational marijuana market could range between $2.3 billion and $4.5 billion by 2021.

Over 1600 applications have already applied for licenses to grow or sell medical marijuana. Once businesses become licensed under the Health Canada guidelines there are very specific rules as the industry is heavily regulated.

Currently the largest commercial recreational marijuana grower in Canada is Canopy Growth. They currently occupy the former Hershey Chocolate factory and are fully licensed to produce and grow marijuana.

Statutory requirements for growers emphasize the highest security standards including security cameras with full coverage of operations 24/7. Zoning for production is a challenge as heavy power usage and large amounts of water are needed and not all municipalities see this emerging industry as a benefit to the Official Plan for the community. .

Condo buildings must also review their Status Certificates and rules and regulations. Many condo buildings are already starting to implement new rulings including becoming “Smoke Free” in anticipation of legalization.

It is certain that the legalization of marijuana in Canada will impact the real estate community. There are both issues and opportunity that accompany this change and purchasers of real estate must require their Agents and Legal Counsel be fully proficient in how this new legislation will impact your next purchase. At ReaLawState Realty Brokerage Lt. and Alloway and Associates, we are ready.

By | 2018-11-05T09:31:30+00:00 October 2nd, 2018|General News|0 Comments

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