Las Vegas Marijuana Real Estate Info
Your source for Marijuana Real Estate in Las Vegas
Disclaimer – We do not practice law and do not give legal advice in any manner. For a complete list of Medical/Recreational Marijuana Laws regarding growing, selling, and consuming please see the Las Vegas Marijuana Enforcement Division website.
Growing marijuana is still considered a federal crime, and thus most property insurance companies will not cover property damage that results from growing activities, or loss of marijuana due to theft or other casualty.
There are however, some insurance companies that are offering specially designed policies to cover marijuana growers (CBS News, 2014). These policies can cover losses from damage resulting from growing the crop to losses from theft, fire, vandalism, etc. Because growing marijuana is illegal at the federal level, insurance companies cannot cover losses from FBI, DEA, IRS or other federal agency raids. Companies that are offering such policies are growing exponentially in size. There is a backlog of would be growers who are queuing up to purchase marijuana insurance policies once it becomes legal in their state.
Growing, Consuming or Selling Restrictions under a Lease, HOA, or Neighborhood Covenant
Renting and marijuana grow/usage
Can landlords/property managers prevent/restrict tenant marijuana use? The answer is simple: Yes. Much like smoking cigarettes, which is perfectly legal for those over 18 years of age, landlords can prohibit legal activities if they so desire.
Some may wonder about medical marijuana. What if a tenant has been prescribed medical marijuana? What if the tenant doesn’t smoke it, causing an odor, they pledge to eat it?
A landlord is within his or her rights to prohibit growing, smoking, ingesting and even possessing marijuana on the rented property. Tenants are not protected under the Americans with Disabilities Act in this case because…. you guessed it – marijuana growing, and possession are both considered a crime under federal law.
While many landlords and property managers may explicitly state that marijuana is not allowed on the rented property, even if a lease does not explicitly state that marijuana is prohibited from the rental property, it could become a problem. This is especially true in states that do not allow recreational and medical marijuana use, but it is true in states that allow for such use as well. Why? You know. (hint: it’s illegal at the federal level).
Buying a Condo, Townhome or Single Family Home with a Home Owner’s Association
As any seasoned real estate licensee knows, condominium By-Laws, Restrictive Covenants, and Home Owners’ Association (HOA) Rules vary dramatically from development to development. It is vitally important that anyone looking to obtain interest in these types of residences read the documents carefully.
As the legality of marijuana expands by state and by usage type, it becomes more likely that by-laws, HOA Rules, and Restrictive Covenants will prohibit growing and even smoking marijuana. Many of these documents can be amended, so it is important to request amendments and be aware that rules can change at any time.
Anyone seriously looking to grow or smoke marijuana should consider single family detached homes without restricted covenants.
Buying a condo in a mixed-use commercial and residential building has the potential to be a wonderful experience, or buyers could end up with unwanted neighbors.
Much like the condos, townhouses and HOA neighborhoods, buyers or tenants should be aware of the by-laws, rules and restrictive covenants if they exist. In areas where marijuana dispensaries are legal, they may want to consider the consequences, good and bad, if a dispensary were to open in one of the retail spaces in the building.
Buyers or tenants may wish to look into zoning ordinances if they are concerned about crime or nuisance loitering around marijuana dispensaries. Keep in mind zoning ordinances can change.
While Nevada laws are still being written on how Medical Marijuana will affect everyone including Real Estate sales and purchase it is important to have an agent that is knowledgeable and can assist you with your purchase and or sale of property in Nevada. We look forward to your calls and questions. The King Group 702-767-3454
Greg King / Realty One Group
Direct # 702-767-3454
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(all data current as of 6/25/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.