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Is Cannabis A Modern Gold Rush For California Real Estate?

Screen grab animation of Huntington Estate Properties’ speakeasy-style entertainment lounge hidden behind a bookcase. HUNTINGTON ESTATE PROPERTIES

If you turn your nose up high enough, you’ll catch whiff of a new trend blowing through Los Angeles’ high-end real estate. Cannabis. Yep, the controlled substance the federal government hates and select states love.

Cannabis is poised to shake up the real estate market.
Cannabis is poised to shake up the real estate market. JASON WEISS/GUEST OF A GUEST

Cannabis is poised to shake the real estate industry to its foundation. Virtually mainstream, it has effectively shed its stoner reputation. Millennials are receptive to it (and less offended by it) while Baby Boomers and Gen-Xers progressively appreciate cannabis’ undeniable health benefits for their aches and pains. Cannabis is no longer an underground stoner binge, it’s a booming cottage industry rebranded for wellness. In real estate, if you build it (with cannabis), they will come.

Greenleaf Cannabis House is listed for $3.5 million.

Greenleaf Cannabis House is listed for $3.5 million.

NILS TIMM

In California, it’s legal, publicly endorsed and unavoidable—no matter how nervous it makes corporate America, which should just mellow out, man (I don’t do cannabis but I’m fluent in Cheech and Chong).

Greenleaf House, ground zero for the residential cannabis revolution.

Greenleaf House, ground zero for the residential cannabis revolution. NILS TIMM

Cannabis is still disruptive and controversial. But controversy can be mined into gold (this is the Golden State, after all). A brave few are blazing this new trail like early prospectors during the California Gold Rush.

Greenleaf House offers an open-air ambiance and 5,600 square feet of living space

Greenleaf House offers an open-air ambiance and 5,600 square feet of living space NILS TIMM

Last weekend, two multimillion-dollar residences (“The Greenleaf House” in Sherman Oaks and Columbia Square Living in Hollywood) went rogue, tantalizing potential home buyers with an insurgent “cannabis extravaganza”—back-to-back open house parties staged with a myriad of cannabis products, food and experts in luxurious spaces.

Developer Ramtin “Ray” Nosrati's future is building a multimillion-dollar “Marijuana Mansion" in Bel Air. (Rendering)

Developer Ramtin “Ray” Nosrati’s future is building a multimillion-dollar “Marijuana Mansion” in Bel Air. (Rendering) HUNTINGTON ESTATE PROPERTIES

Los Angeles developer Ramtin “Ray” Nosrati (Huntington Estate Properties) is building what he calls a “Marijuana Mansion,” an extraordinary Bel Air residence featuring a “cannabis conservatory” (a lounge) with an organic hydroponic cultivation gallery, custom lighting, gardening service and full ventilation. It will include biometric locks and a secret speakeasy-style bookshelf entrance, like the old days.

To Read The Rest Of This Article By Keith Flamer on Forbes
Published: July 21, 2019
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