Medical Marijuana Gorries also working on a lease in Brampton, Ontario for a pot distributor seeking a place to store its product. Canada is set to introduce legislation to legalize recreational use this year, which would make it the first Group of Seven nation to do so. In the U.S., eight states plus the District of Columbia have done this, while 28 states have medical marijuana laws. At the beginning, we shied away from it but more and more its becoming mainstream," Gorrie said. We would treat them as any other tenant that would require a lot of due diligence." Pure Industrial wouldnt allow companies to grow weed in their facilities, he said. He declined to name the company hes in talks with. The availability rate of industrial space across Canada has tightened to an average 5.3 percent in the fourth quarter, the lowest in two years, and to 8.2 percent in the U.S., the lowest in at least seven years, according to CBRE Inc. Thats pushed industrial rents in the period to a record C$6.60 a square foot in Canada, where Pure Industrial has 75 percent of its assets, and up 6.3 percent to $6.58 a square foot in the U.S., the biggest year-over-year jump since 2007, the commercial brokerage said. Development Required Competition from pension funds and other investors to own the buildings makes Gorrie more interested in building than buying. You have to be able to develop, he said.
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