States where marijuana is legal have seen an influx of people moving there to enjoy cannabis without punishment. But has legalizing marijuana also improved real estate values? According to a new study, the answer is yes.
A group of researchers from around the country conducted a study on Colorado real estate prices before and after marijuana legalization, which they titled “Contact High.” They found that houses that were 0.1 miles or less away from a marijuana dispensary saw their prices increase 8 percent more than homes that were a farther distance away. They estimated homes near marijuana dispensaries were worth an average of $27,000 more than those farther away.
“Our results indicate that retail conversion has a large positive impact on neighboring property values after controlling for property attributes and neighborhood characteristics,” the researchers wrote.
It’s probably not too surprising to see those. Dispensaries can be a hub for economic