How is Arizona’s growing cannabis industry impacting CRE?

The former Revlon cosmetics and fragrance manufacturing plant, located in a South Phoenix industrial park, was originally built in the late 1960s and employed more than 900 people at its peak before eventually closing in 2001. For more than 14 years, the 880,000-square-foot big box space sat vacant and shuttered. Today, it is home to a new tenant with new employees that are all part of a budding industry in Arizona – cannabis. The adaptive reuse transformation of the Revlon building into the largest indoor cannabis cultivation facility in Arizona by True Harvest is just one example of the state’s cannabis-related real estate activity and the industry’s growth overall, which continues to attract investor interest while also creating jobs and real estate opportunities.