The United States’ retail cannabis industry continues exploding, and it doesn’t show any signs of slowing down. These numbers are guaranteed to change after this Tuesday’s election, but as of October 2022, 37 states have legalized some form of medical cannabis, and 19 have legalized the substance for recreational use. Now, only 3 states remain with no cannabis access laws on the books. Retail cannabis sales in the U.S. are projected to exceed $33 billion by the end of 2022. As the industry continues to boom, retail landlords have increased opportunities to diversify their retail spaces by leasing to cannabis tenants. However, with these new opportunities come unique challenges and important considerations landlords should address as they prepare to lease to tenants in this new sector of the market.
Andrew handles all phases of commercial real estate transactions from negotiation through due diligence and closing.
Enjoying the challenge of each property being unique, Andrew represents sellers, landlords, buyers and tenants nationwide in sophisticated real estate transactions for retail, industrial and office properties. At every stage of a transaction, he works closely with clients to strategize a successful deal; collaborates with municipalities, title companies, brokers and escrow agents; and astutely overcomes obstacles as they arise. Although Andrew primarily serves on the firm’s Retail Real Estate team, he guides clients across multiple industries, including helping clients in the cannabis and alcohol & beverage sectors as they navigate quickly changing regulatory issues of development, leasing and tenancy.
Andrew also has experience serving as local counsel for borrowers and lenders on loans secured by real estate in Tennessee ranging from single-asset loans to multistate, portfolio and capital market loans.