Vancouver Business Brokers is paving way for brokers to welcome retail cannabis clients in real estate transactions by adding first-ever segment listings to MLS® Canada
VANCOUVER, British Columbia, In a move that has excited retail cannabis business owners around the country, a commercial brokerage has created the first-ever retail cannabis real estate listings in Canada. The move has opened doors for the fast-growing retail cannabis sector to gain national recognition and establish their brands in a first-of-its-kind database of businesses in the industry.
This exciting development is influenced by the exponentially growing cannabis market in Canada and abroad. It comes as no surprise to experts who have been advocating the cannabis industry, especially the numerous medicinal uses that have arisen for cannabis extracts over the years. Oana Nicoara, a recognized cannabis advocate and owner of EggsCanna, discussing the inclusion of retail cannabis business in MLS® Canada, said, “Cannabis and hemp will have vast reach across many industries. We have seen cannabis cultivation and retail naturally evolve and take the spotlight. However, with world markets rapidly opening and our own Canadian framework now including the burgeoning derivative market, I believe that cannabis and/or hemp will become commonplace in many industries. It is always wonderful to see the inclusion of cannabis businesses. For the pioneers of this industry, these milestones are meaningful and victorious.”
Vancouver Business Brokers is one of those Canadian brokerage houses that take pride in staying ahead of the curve and foreseeing upcoming market demands. The move to initiate real estate listings for retail cannabis businesses is expected to revolutionize the sector’s growth in Vancouver, leading to higher engagement in the market across Canada.
With highly bullish projections for the cannabis market in the coming years and decades, all business operations involved in managing the sector have the potential of creating highly rewarding opportunities for stakeholders, according to the 2016 report of Canada’s Task Force on Cannabis Legalizations and Regulation. Since Canada’s recent legalization of cannabis, and its various products, the $100+ million market has become a regulated industry, creating opportunities for a wide range of business activities.
It must also be noted that the foreseeable future is expected to bring extraordinary growth in the industry. While the black market in Canada for cannabis is still thriving, consumers of recreational cannabis in the country spent over $43 million on purchases through licensed cannabis retail stores. As the trend continues in the years to come, it is expected that the market will grow with exceptional pace, reaching the size of just under $5 billion by the year 2024.
In British Columbia alone, the number of cannabis consumers is expected to reach 725K by the end of 2019, making the province the third-largest cannabis market in the country. Unfortunately, the province has yet to capitalize on this huge market with very few licensed stores operating in major cities. Due to the slow progress in licensing of new cannabis stores, the province has been unable to fully benefit from the market potential.
This limitation is a major reason why most consumers are relying on the black market for their needs.
However, this trend is changing. While British Columbia is currently recording a fraction of the cannabis sales virtually all other provinces in Canada are booking, the province has so far issued over 60 licenses to the retail cannabis sector with more to come.
With Vancouver as the centre of the province’s commercial activities, local enterprises, like Vancouver Business Brokers, are supporting this sector. These enterprises understand the potential of the regional market and are working to prepare a firm foundation for its rapid growth.
As a trusted name in commercial real estate marketing and listings services in the province, Vancouver Business Brokers has become the industry leader in making retail cannabis business listings part of the MLS®. The company strategy for this sector is to create an atmosphere of trust, transparency and convenience for retail cannabis listings.
The first two listings Vancouver Business Brokers has created on the MLS® are retail storefronts. The Hastings and Nanaimo store is poised to become one of the largest cannabis stores in Vancouver with its 4,000 sq. ft. of store space on 16th Avenue. The fast facelift of this commercial district in the city is triggered by the new trendy restaurants and bars opening on both sides of Main Street.
The location is licensed to be converted into a cannabis retail store. Listed with a 10-year lease – and 10-year option – the store will give its new owners an established retail presence and a client base built over the past four years. With a location that covers Boundary to Clark St. in E. Hastings and provides the residents of Burnaby (where retail cannabis is still prohibited) a convenient option to buy from, the new cannabis store could become the busiest enterprise. Thankfully, the property comes with 5 parking spots to ensure customer comfort.
The other listing is of a 900 sq. ft. store space located within metres of the chic Main Street and adjacent to the famous Browns Craft House. Offered at a 5-year lease with a 5-year option, the premises is available with a newly renovated boutique with custom-built cabinetry, high-grade security system, vintage brick accent wall, floor-to-ceiling glass doors, and designer flooring.
The space comes with 4 customer parking sports right behind the store with 2 free public parking spots out front.
The team at Vancouver Business Brokers is confident this is merely the beginning of an active segment in their portfolio. Discussing the breakthrough, Paul Mon-Kau, Senior Broker with VBB, says, “Listing these Cannabis stores on MLS® shows how times have changed and how much we have progressed as a country. Not just in how Governments are treating this product in a calculated and sensible manner, but also in how the entire industry has evolved in such an amazingly short amount of time.”
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Vancouver Business Brokers is a growing business brokerage that offers a versatile portfolio of business and commercial real estate listings, including properties and businesses in retail and restaurant sectors. They also have a long list of listings for industrial and institutional properties as well and multi-family units in Vancouver