Medical and recreational marijuana dispensaries are associated with a significant increase in home value, according to a new study published by the journal Contemporary Economic Policy.
For the study, titled The effect of marijuana dispensary openings on housing prices, researchers evaluated “the effect of medical and recreational dispensary openings on housing prices in Denver, Colorado.” Using an “event study approach”, they found that “the introduction of a new dispensary within a half‐mile radius of a new home increases home prices by approximately 7.7% on average.”
The study notes that this effect “diminishes for homes further from new dispensaries but is consistent over time.” Researchers conclude by stating that “Our results provide important and timely empirical evidence on the socioeconomic impacts of marijuana legalization.”
More information on this study, conducted by researchers at Colorado State University, can be found by clicking here.
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