Recreational marijuana is now legal in Colorado. There has been much speculation whether the affects on our state will be a positive one or have negative repercussions on our economy. Some believe that the production and sale of marijuana will improve our economy, while others think there will be many negative impacts on our state ranging from lowering tourism, to increasing crime and affecting property values. There are regulations in place but many wonder if they will be enough.
Colorado is home to many outdoor recreational activities, such as skiing, hiking, and biking, among other tourist attractions. Many businesses rely on tourism as their main source of income each year. There are concerns that marijuana legalization may keep families from visiting Colorado due to the image that legalization will bring. People link crime with marijuana legalization and this may keep tourists from coming here, which would negatively affect our economy.
If we begin to see a rise in crime due to the legalization of marijuana, it could lead to a gradual deterioration in property values in neighborhoods where retail stores exist. Realtors may have a tough time selling in those neighborhoods and need to know how to handle properties that are grow houses. The best thing for a realtor to do in these situations is to be up front about the home. Some hazardous conditions may occur in the dwelling from dampening within the walls. Also, the distinct odor of marijuana may linger in these homes as well, which would be difficult to hide even if they tried.
Several cities in Colorado now have licensed retail marijuana shops. So far, reports indicate there has been no increase in crime and no negative affect on tourism. If there continues to be no negative impact on public safety and tourism, real estate values may not be affected. We may even see more cities open up retail marijuana shops. Only time will tell what the long-term affects on Colorado will be.