It marks the date LA DCR formally announced the 200 applicants eligible for further processing in the Phase 3/Round 1 process for legal cannabis storefronts. After 443 days of waiting, the “City of Angels” has formally gone on the record to move ahead on its commitment towards social equity.
Landlords and entrepreneurs may breathe a collective sigh of relief after months of payments on unused real estate, knowing that on the other side of the latest “La La Land” lockdown, there’s hope of a better tomorrow.
This news couldn’t come at a better time. With 75% of Golden State municipalities banning cannabis businesses outright from their city limits, along with continued illicit sales comprising 80% of the market, many local entrepreneurs were unable to wait any longer, in a high tax state, for a 20% sliver of the regulated market.
Cannabis is a nascent industry, and with 200 new “social equity” cannabis shops scheduled to open in 2021 in addition to 187 existing retailers, the Southland is on the precipice of success to fulfill its destiny of becoming the “New Amsterdam.”
(Gary Mittin is a commercial real estate broker, specializing in cannabis real estate.) Prepped for CityWatch by Linda Abrams.