Up in Smoke: Cannabis Gone Crazy
Cheech and Chong were ahead of their time. With the legalization of Marijuana across many states including New York and New Jersey, there has been a mad dash for industrial property in townships that permit cultivation and distribution. According to njlegalize.me, there are 565 borough, cities and townships that either favor or non-favor Cannabis in their location.
In fact, there are only 37 Class 1 cultivation licenses issued in the State of New Jersey, which includes existing medical cultivators. Other license types do not currently have a cap on the number of licenses to be issued.
Based on our current real estate business transactions with a variety of Cannabis Companies, the following criteria is critical for cultivation facilities:
- Grow rooms: A dedicated room where plans grow in a controlled environment
- Temperature control: Generally, cannabis plants prefer temperatures in the 70-85 °F (20-30 °C) range during the day when lights are on. When grow lights are off (their “night”), cannabis plants are happy with slightly cooler temps.
- Electricity: According to the Northwest Power and Conservation Council (NPCC), indoor commercial cannabis production (also known as a cannabis grow room) can consume 2,000 to 3,000 kilowatt hours (kWh) of energy per pound of product.
- Grow lights: Artificial lights used to help indoor plants grow year-round.
- Ample Water supply: Research and farm surveys indicate 480 gallons is an average water volume required to grow a single cannabis plant to maturation per season, March-April until August-October, common.
Selecting and constructing the correct Cannabis facility is critical to success of the operation. If you are looking to sell a facility, purchase or lease, please contact us below.