10/07/2026
Coloradoβs cannabis boom left behind a lot of real estate.
While touring Denver industrial properties for a current buyer requirement, weβre seeing a recurring theme: vacant former ma*****na grow facilities.
The numbers explain why. Coloradoβs wholesale benchmark price for ma*****na flower fell from $1,721/lb in January 2021 to roughly $608/lb more recently, a decline of about 65%. Statewide ma*****na sales have also dropped significantly from their 2021 peak.
As growers consolidated or closed, specialized warehouses returned to the market, often with extensive electrical capacity, HVAC systems, grow rooms and other improvements designed for a very specific use.
For conventional industrial buyers, that creates both a challenge and an opportunity.
The question weβre asking as we tour these buildings: What is the property worth to its next user, and what will it cost to get it there?
Sometimes yesterdayβs specialized real estate becomes tomorrowβs value-add opportunity.
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