With legalization having gone full steam ahead this week, cannabis industry players have intensified their clamor for even more space for grow-ops.
“There’s a whole market out there that anticipates further growth in this area,” Altus Group vice president of data operations Raymond Wong told Bloomberg in an interview.
“We don’t see this slowing down.”
This year through September, marijuana growers absorbed 8.7 million square feet in commercial/industrial property across Canada, with B.C. and Ontario accounting for more than half of the space.
Observers assured that this is just the beginning for the nascent industrial powerhouse, as the absorbed floor area is approximately as large as the gigantic Seattle headquarters of Amazon.com Inc.
In addition, publicly listed companies have a further 6.4 million square feet planned, and this is excluding retail locations.
“It’s grown astronomically,” Wong said. “With the publicly traded companies, there’s a lot more investment in these areas with anticipated growth and available capital, and they’re acquiring and expanding their existing facilities.”