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Landlords, lenders, brokers and listing marketplaces for licensed cannabis property: sale-leaseback REITs, construction lenders, green-zone site selection and license-and-building listings. Builders and facility designers are under Construction & Build-Out.

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Cannabis real estate turns on two things ordinary commercial property rarely does. A building is only useful if local zoning allows cannabis use and the parcel clears the setbacks a town or state sets, and the pool of capital willing to own or lend against a plant-touching building is small, which is why cannabis-only REITs and lenders exist. Operators face three decisions: whether to own, lease, or sell a building they already own and lease it back; who finds and vets a site, from a town's opt-in status to buffers, power and HVAC capacity; and how to pay for construction or improvements on a building that only works for a licensed tenant. The companies here cover all three, from NYSE-listed landlords to brokers who work a single state.

Capital providers come first. Innovative Industrial Properties reported 108 properties in 19 states at June 30, 2026, bought from licensed operators and leased back on long-term absolute net terms. NewLake Capital Partners owns 35 properties, 15 cultivation sites and 20 dispensaries, and says its sale-leasebacks support 15- to 20-year leases. Pelorus Capital Group lends instead of buying, with construction loans for cannabis-licensed tenants and loans on stabilized facilities, and reports 73 funded loans. Chicago Atlantic, profiled mainly under Banking & Finance, runs a Nasdaq-listed mortgage REIT making senior secured loans to licensed operators. Zoned Properties bridges both sides: it brokers and maps sites with an in-house GIS team and holds its own Arizona portfolio.

Brokers and marketplaces make up the rest. C3 CRE brokers licensed property in Michigan and measures school buffers parcel line to parcel line; Michigan Cannabis Properties works only Michigan green-zone sales and leases; Cannabeta Realty sources dispensary and cultivation sites in New York, New Jersey, Connecticut and Maryland; RIPCO Real Estate's Cannabis Division covers five East Coast and Florida markets and partners with Zoned Properties elsewhere. 420 Property and CannaMLS are listing marketplaces for cannabis buildings, businesses and licenses, and both publish their listing prices. Every fact here comes from the company's own site on the date shown on its listing.

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Questions about real estate

How does a cannabis sale-leaseback work?
The operator sells a building it owns to an investor and signs a long-term lease to stay in it, turning real estate equity into cash for operations. Innovative Industrial Properties describes buying freestanding industrial and retail buildings from licensed operators across cultivation, processing, distribution and retail and leasing them back on absolute net terms, so the tenant keeps paying taxes, insurance and upkeep. NewLake Capital Partners says its sale-leasebacks support 15- to 20-year triple-net leases. Both target operators that already hold a state license for the site, and neither publishes rent levels, so terms are negotiated deal by deal.
Should I sell and lease back, or borrow against the building?
A sale-leaseback with Innovative Industrial Properties or NewLake hands ownership to the REIT in exchange for upfront cash and a long lease. A loan keeps ownership with you. Pelorus Capital Group offers construction loans for cannabis-licensed tenants, including owners converting non-cannabis property, and loans on stabilized, operating facilities; Chicago Atlantic's mortgage REIT makes senior secured loans to licensed operators. C3 CRE brokers sale-leasebacks and arranges debt through its affiliate Rair Capital. None of these companies publishes rates or rents, so compare the full cost of each structure over the lease or loan term before choosing.
How do zoning buffers and opt-ins affect a cannabis site search?
A building can be the right size and still be unusable if the town has not opted in to the license type or the parcel sits too close to a school or other protected use. The rules vary by state and municipality, so check the local ordinance for each site. Zoned Properties screens sites with an in-house GIS team that maps setbacks from sensitive uses and nearby competitors; C3 CRE checks municipal opt-in status and measures buffers parcel line to parcel line under Michigan's method; Cannabeta Realty keeps a New York City storefront database pre-screened for proximity rules; Michigan Cannabis Properties publishes medical and adult-use opt-in lists.
Do I need a broker who specializes in cannabis?
A general retail broker can find space, but a cannabis specialist screens out sites that fail zoning, buffers or landlord consent before you spend money on them. Zoned Properties reports $72 million in transactions since 2021 and experience in 19 states; Cannabeta Realty reports more than 1.4 million square feet of cultivation space leased or sold; C3 CRE checks electrical and HVAC capacity before a letter of intent and sequences closings against state licensing. RIPCO Real Estate pairs a large retail leasing firm with a dedicated cannabis division. Ask any broker for recent closed cannabis deals in your state.
Where are cannabis buildings, businesses and licenses listed for sale?
Two national marketplaces focus on them. 420 Property lists cannabis and hemp real estate, operating businesses and licenses across all 50 states, with free basic listings, a $24.99 monthly Premium subscription and Featured listings at $39.99 per listing per month. CannaMLS lists licenses and cannabis real estate by state, with free Basic accounts, $49-per-month Premium and $499-per-month PRO memberships, and listing tiers from $5 to $100 per month. Neither acts as a broker. Michigan Cannabis Properties and Cannabeta Realty also post their own exclusive listings, including built-out cultivation facilities and sites with municipal approvals.
What happens to a cannabis building if the tenant fails?
Because the property is tied to a license, re-leasing often waits on a license transfer. Innovative Industrial Properties' second-quarter 2026 release describes tentative arrangements with prospective new tenants for four buildings leased to 4Front, subject to contingencies such as licensing transfer approvals and expected to take effect when receivership proceedings conclude, anticipated by the end of 2026 or early 2027, and re-leasing a former PharmaCann building in Ohio to Curaleaf. NewLake reports three properties that became available for lease in 2025 and a tenant operating four of its sites while in restructuring. For operators, that history explains why REITs underwrite tenant credit and license status closely.

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