Marijuana is being legalized around the country and new marijuana dispensaries are opening up in key locations in the biggest cities like on 5th avenue in New York and just beyond the Las Vegas strip. Cannabis companies and small retailers are now looking to the Magnificent Mile as the next spot to open a marijuana shop.
The Magnificent Mile is the downtown hub in Chicago. This area sees the most foot traffic in the city and is full of some of the biggest names in retail. The city is looking at the rules and regulations for cannabis businesses all over the state and is figuring out the zoning for the dispensaries.
Illinois was the first state to legalize marijuana by democratic vote back in May and will be open to starting selling marijuana early next year. Currently there are 55 medical marijuana dispensaries in Illinois and they can apply for a recreational license to maintain their store for new and old customers.
Several potential marijuana stores are eying key locations on the magnificent mile including 679 N. Michigan Ave, the location of a former Apple store. Landlords for the buildings around the area are having to look at their empty storefronts for possible zoning restrictions and rental options. Many of the storefronts sit empty because of bankruptcies and retail spaces are renting for $450 a square foot each.
Landlords around the downtown area are talking to possible marijuana sellers and are researching what they will need to do to get their stores ready for recreational marijuana dispensaries. The rules for what they need to do aren’t completely established, but there are certain things they can do for basic upgrades and storefront cleanup.
The marijuana companies aren’t saying anything yet about possible locations, but many concepts are floating around the retail core. Without clearly defined laws a lot of companies are working on establishing what might be possible hurdles to their new store operations.