Medford, Ore. — Come July, people will be able to grow their own marijuana plants and use the drug recreationally in Oregon.
The change means big business for entrepreneurs ready to cash in and potentially big price tags for some properties in Southern Oregon.
The great outdoors, the roughly 200 days of sunshine, and the culture is what draws many people to Southern Oregon, some whom come specifically to grow marijuana.
“We probably have one of the best climates in the whole country for growing cannabis,” said Michael Monarch, a grower and CEO of Green Valley Wellness, a medical marijuana dispensary in Talent.
Monarch said the long, dry, hot summers in Southern Oregon helps grow bigger plants and produces better medicinal properties in cannabis.
“More and more we’re drawing growers,” said Monarch.
“There’s an awful lot of people growing marijuana here in Southern Oregon. It’s kind of a mecca for it,” said Kendon Leet, the owner and principal broker at Kendon Leet Real Estate.
Leet said now that marijuana legalization passed in the November election, prices could skyrocket for rural properties.
“The properties themselves that have the ability to be grown on I think will increase in value,” Leet explained.
NBC5 spoke with a number of real estate brokers who said they’re already getting inquiries into rural sites for marijuana grows.
“There’s a lot of money in that industry,” Leet said.
According to Leet, back when medical marijuana became legal in 1998, more growers started moving to the area and more land got snatched up for growing. He sees that happening again once recreational marijuana legalization rules are ironed out.
“I think there’s going to be a big draw to larger acreages and properties with water rights,” said Leet.
Leet said while marijuana growers buying property in recent years has helped keep brokers busy, it may also hurt the local real estate industry in the long run.
“I actually think the legalization of marijuana in the real estate industry is going to be a very bad thing,” Leet said.
He believes property values near large grow sites may actually go down.
From his experience, Leet said many people looking to buy property get turned off if they discover a large grow site next door.
“The vast majority, I would say 75% plus are saying I don’t really want someone growing next to me,” he said.
However overall, Leet said marijuana legalization will most likely mean new clients for real estate agents and probably an uptick in property sales.
Monarch, who was a real estate agent for 10 years said he’s talked with his friends in real estate as well who say growers are also looking at purchasing space for indoor grow sites.
“Commercial spaces are in high demand right now in Portland especially but also in the Medford and Central Point areas,” said Monarch.
Marijuana legalization is expected to open up big possibilities for Southern Oregon’s real estate industry but the full impact remains to be seen.
Jackson county ranks second in the state behind Multnomah County for number of medical marijuana cardholders. There’s almost 8000 in Jackson County alone, some of whom grow cannabis for themselves or others.
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