The Real Deal New York

Going green: Weed companies look to NYC for retail space

Marijuana use has yet to be legalized in New York state
April 01, 2015 10:35AM

An out-of-the-ordinary tech tenant is weeding through available retail space in the city.

Terra Tech, a company that also farms herbs and vegetables, owns legal marijuana dispensaries in states such as Nevada and California where pot use has been legalized, according to the newspaper. Derek Peterson, the company’s CEO, told the newspaper he’ll be applying to open dispensaries in New York state. Terra Tech is looking for retail space and growth sites, according to the New York Post.

“You can operate up to four dispensaries and one cultivation facility and a production facility,” Peterson told the Post. The state, however, is not yet accepting applications and has only opened it up to five organizations.

Peterson told the newspaper that the company is looking at various neighborhoods, “where a Starbucks would go.” He added that he’s planning to open dispensaries that are between 2,000 and 3,000 square feet. [NYP] — Claire Moses