I think we would all agree that life as a REALTOR is rarely dull. So many factors influence our businesses: economy, jobs, building materials costs, the weather, Peyton Manning (had to add that); they all effect how we sell real estate and it is our adaptability that ofen determines our sucess. With last November's vote, Colorado REALTORs were presented with yet another opprtunity to adjust, and as our legislators feverishly work to implement law regarding the enforcement of Amendment 64, we are left wondering what impact the leagalized recreational marijuana use will have upon our market.
Thirteen years ago, Colorado joined five other states in legalizing marijuana use for certain medical conditions, and since that event the number of medical dispensaries in Denver County have outnumbered Starbuck's locations and liquor stores. Regulations have been enforced limiting the advertising that a dispensary may conduct and its proximity to a school, and those and more will be imposed upon the recreational industry as it readies to fully gear up later this year.
But regulations aside, just what effect will this groundbreaking Amendment have upon the Colorado economy and more specifically, upon our real estate market? Sure, the tax revenue that is generated through all levels of marijuana sales will go directly toward bosting our educational system and we all know the impact that good schools have upon real estate. But what about commerce, in general? Will large companies leave the state to avoid a stoned workforce? Or will new businesses relocate to Colorado seeing opportunity to capitalize upon a growing consumer base?
Already the hubbub is deafening and the predictions are myriad, and what effect the most recent change to Colorado's Constitution will have upon our real eatate market is anybody's guess. One thing is for certain, our flexibility is about to be tested again, and as Governor Hickenlooper commented: "Don't break out the Cheetos yet."