Many landlords will take cash from marijuana tenants, report says

About twice as many U.S. landlords will take cash for rent from cannabis companies than those who will not, according to a report from the National Association of Realtors.

In states where both recreational and medical marijuana are legal, 41%-47% of the landlords will accept cash for rent, according to the report, “Marijuana and Real Estate: A Budding Issue.”

In states where only medical marijuana is legal, 42% of the landlords who took the NAR poll would take cash for rent.

By contrast, the report found:

  • In states where only medical marijuana is legal, just 18% of landlords will not accept cash for rent.
  • In states where adult-use cannabis has been legal since 2016, 20% of landlords will not take cash.
  • In states where recreational marijuana has been legal since before 2016, 24% of landlords will not accept cash for rent.

With 1.4 million members, the National Association of Realtors is the largest trade association in the United States.

Marijuana companies’ reliance on cash has been linked to an increase in crime.

Last November, with bipartisan support, the U.S. House of Representatives approved the SAFE Banking Act to open financial services to the marijuana industry. The measure has not yet gone to the U.S. Senate.

The report also found that in states where adult-use marijuana is legal:

  • 34%-42% have seen an increase in demand for warehouse space.
  • 18%-19% experienced an increase in demand for storefronts.
  • 16%-21% saw an increase in demand for land.

In states where only medical marijuana was legal, demand for commercial space and land was somewhat less.

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