With medical cannabis already legal in Michigan and recreational marijuana possibly on the horizon next year, one businessman in the state who’s been leasing space to MMJ caregivers is trying to sell his operation for $2 million.
The 82-acre “farm” is already parsed into eight smaller indoor growing blocs, which the owner leases out for $10,000 a year to medical cannabis caregivers, Mlive.com reported.
But the owner – David Overholt – is asking $2 million for the entire facility on the basis that the state market is about to explode, especially if an adult-use legalization ballot measure makes it past voters in November 2018.
However, the facility is technically located in Sidney Township, which, has decided not to license any MMJ businesses, according to Mlive.com.
That means won’t be allowed to be grown legally at his farm unless local law changes.
Still, the asking price is another early indicator of how hot – and how competitive – the Michigan cannabis market could become, especially if voters legalize adult use next year as many expect.