Medical marijuana as an industry is booming in Oklahoma, with sales, patients, growers, processors and dispensaries continuing to increase throughout the state.
But while it may seem like there is a dispensary on every corner, not every property owner is open to leasing to marijuana-related businesses.
“If you look at the numbers, we are way oversaturated on retail dispensaries,” University of Central Oklahoma professor David Chapman said. “Here’s the fear … the brokers get calls all day long about dispensaries, and we’re all starting to feel like some of them are going to start to fail.”
Medical marijuana businesses just now jumping into the market lack the established business most others have already worked for. This can cause concern for a property owner seeking to establish a tenant for a long-term lease, according to Chapman.
Others are simply not interested in the industry when it comes to potential tenants for properties.
A building at 208 NW 13 in Midtown has displayed a standard for lease sign on its marquee, with the square footage plus a contact email and phone number.
But in bold red letters at the bottom, the sign also reads, “NO DISPENSARIES.”
Chris Fleming, with developer Midtown Renaissance, says the marijuana industry doesn’t fit in with the development desired in that location.