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Cannabis-iness: Oklahoma City real estate summit to give update on medical marijuana

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Green Light District Cannabis Supply is on one end, and Herban Mother Cannabis Dispensary is on the other end of this small, four-bay retail strip center at 10717 N May Ave. Cannabis-related business is still booming. [BRYAN TERRY/THE OKLAHOMAN]
Green Light District Cannabis Supply is on one end, and Herban Mother Cannabis Dispensary is on the other end of this small, four-bay retail strip center at 10717 N May Ave. Cannabis-related business is still booming. [BRYAN TERRY/THE OKLAHOMAN]

People may never hear the last about medical marijuana and real estate, but David Chapman said he's ready for the day when they've heard enough.

Until then, as a property broker and developer, state real estate official and a professor of real estate, he remains a leading expert on the topic. He'll give updates on Sept. 25 at the 2019 Commercial Real Estate Summit on the morass of issues that sprouted when Oklahomans made it legal.

The event, organized by the Central Oklahoma Commercial Association of Realtors and the University of Central Oklahoma Real Estate Program, will be from 8 a.m. to 5 p.m. at Embassy Suites Oklahoma City Downtown/Medical Center, 741 N Phillips Ave.

Other experts will speak on an array of topics. Educational sessions will be offered concerning property brokerage, tax and legal issues, and community and economic development.

Chapman has the hottest topic, again. Medical marijuana will be a popular issue, he said, until the markets involved figure themselves out and people get enough answers.

"I wish they would, so I could get to talk about something else," he said with a laugh.

In the meantime, Chapman said, questions abound.

He said other would-be users of retail space are finding themselves priced out of the property market by marijuana dispensaries willing to pay double or more the going lease rates, even with what appears to be a glut — with new ones still opening.

On the industrial side, he said he wonders if comparably booming growing operations could produce more marijuana than can be dispensed.

Finally, the entire medical marijuana enterprise could come crashing down if federal laws start being enforced, or shaken by mergers and buyouts if it becomes legal at the national level, said Chapman, who also serves on the Oklahoma Real Estate Commission and on the City Council in Edmond. Edmond's 73034 ZIP code had 83 licensed cannabis businesses as of Aug. 1, according to the Oklahoma Marijuana Authority.

Regardless of how it all settles out, what's happening now "is a temporary high, if you will."

Chapman's talk will include cannabis by the numbers, ZIP codes, and consequences for retail, industrial, landlords/owners, property managers, real estate brokers, banking/mortgage, and law enforcement.

Other speakers at the summit include:

• Josh Cockroft, senior director of government affairs for the Oklahoma Association of Realtors and a former state representative, will talk about the political climate, the recent passage of remote online notarization, and legal changes to how commercial brokers can market their business.

• Jonathan Dodson, Pivot Project partner and former banker turned developer with a focus on urban infill redevelopment and adaptive re-use, will talk about techniques of creative financing including government incentives, mezzanine financing, equity investment and institutional debt.

• Chris Zimmerman, Washington, D.C.-based Smart Growth America’s vice president for economic development and director of the Governors’ Institute on Community Design, will talk about transit-oriented development, and guide a breakout session on transit-oriented developments and community needs along the future Bus Rapid Transit line in Oklahoma City.

“The Central Oklahoma Commercial Association of Realtors once again has provided first-class speakers and relevant topics for our fourth annual Commercial Real Estate Summit. Our industry needs this type of event. It is imperative that we continue to build relationships and break down silos. Crossing professional lines and understanding the challenges in every area of the real estate field makes us stronger,” said Jamie Limberg, summit president and CoStar Group sales executive for Oklahoma.

Organizers have requested eight hours of real estate continuing education credit from the Oklahoma Real Estate Commission.

To register and for details on session topics and speakers, go to https://2019cresummit.eventbrite.com/

Related Photos
<strong>In Edmond, Get Bak'd Medical Dispensary, 518 S Coltrane Road, is next door to Smokey's Midnight Express, 520 S Coltrane, a late-night eatery. [DOUG HOKE/THE OKLAHOMAN]</strong>

In Edmond, Get Bak'd Medical Dispensary, 518 S Coltrane Road, is next door to Smokey's Midnight Express, 520 S Coltrane, a late-night eatery. [DOUG HOKE/THE OKLAHOMAN]

<figure><img src="//cdn2.newsok.biz/cache/r960-9ebacb4b4bc76fefadf0b95be3a2a896.jpg" alt="Photo - In Edmond, Get Bak'd Medical Dispensary, 518 S Coltrane Road, is next door to Smokey's Midnight Express, 520 S Coltrane, a late-night eatery. [DOUG HOKE/THE OKLAHOMAN] " title=" In Edmond, Get Bak'd Medical Dispensary, 518 S Coltrane Road, is next door to Smokey's Midnight Express, 520 S Coltrane, a late-night eatery. [DOUG HOKE/THE OKLAHOMAN] "><figcaption> In Edmond, Get Bak'd Medical Dispensary, 518 S Coltrane Road, is next door to Smokey's Midnight Express, 520 S Coltrane, a late-night eatery. [DOUG HOKE/THE OKLAHOMAN] </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-a7b8971b80d6bb57de47d4162b204960.jpg" alt="Photo - Chapman " title=" Chapman "><figcaption> Chapman </figcaption></figure><figure><img src="//cdn2.newsok.biz/cache/r960-9dd324123f5cfcdbce7d86cef826f273.jpg" alt="Photo - Green Light District Cannabis Supply is on one end, and Herban Mother Cannabis Dispensary is on the other end of this small, four-bay retail strip center at 10717 N May Ave. Cannabis-related business is still booming. [BRYAN TERRY/THE OKLAHOMAN] " title=" Green Light District Cannabis Supply is on one end, and Herban Mother Cannabis Dispensary is on the other end of this small, four-bay retail strip center at 10717 N May Ave. Cannabis-related business is still booming. [BRYAN TERRY/THE OKLAHOMAN] "><figcaption> Green Light District Cannabis Supply is on one end, and Herban Mother Cannabis Dispensary is on the other end of this small, four-bay retail strip center at 10717 N May Ave. Cannabis-related business is still booming. [BRYAN TERRY/THE OKLAHOMAN] </figcaption></figure>
Richard Mize

Real estate editor Richard Mize has edited The Oklahoman's weekly residential real estate section and covered housing, commercial real estate, construction, development, finance and related business since 1999. From 1989 to 1999, he worked... Read more ›

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