Legal weed could be a $75 billion business by 2030 In Los Angeles, a pair of soon-to-open coworking spaces will offer a twist on the formula popularized by behemoth WeWork and The Wing in New York City. Though they boast whiteboards and shared workspace, host regularly scheduled meet-ups and speaking events, and even offer access to advisers and investment capital, these LA incubators aren?t about computers?they?re about cannabis.
Developers see the marijuana industry as an increasingly profitable arena for innovation and business?and coworking spaces as key to connecting players in an industry that, for some, has the frisson of the Wild West.
As the cannabis industry matures, so too will the real estate industry associated with this heavily regulated business. Developers want to capitalize on the potential they see in creating new innovation hubs, office parks, and upscale retail around this emerging opportunity. According to BDS Analytics, a financial firm that specializes in the cannabis market, California?s marijuana industry is predicted to hit $3.7 billion in sales in 2018 and rise to $5.1 billion in sales in 2019, part of the overall growth of legal sales nationwide.
?This is really an emerging industry, and I think LA is going to be the headquarters of cannabis in America,? says Sean Beddoe, founder and president of Bow West Capital, the lead developer for one of the projects, Green Street. ?The Starbucks of the cannabis industry hasn?t been created yet.? ...