HOUSTON--Taylor Consulting Inc. and its newly formed real estate division, Third Avenue Development, is planning on exploring new opportunities in commercial cannabis real estate.

“In the course of our nationwide research, we quickly identified a major shortage in commercial real estate available to this industry,” says TAYO CEO Scott Wheeler. “Investment dollars are flowing into the cannabis industry. By adding suitable agricultural and retail properties to our portfolio, we plan to give our investors access to a piece of that growth without having to purchase any property themselves. We'll primarily scout properties in regulated cannabis zones that are primed for redevelopment and resale.”

ArcView Market Research announced Monday that the U.S. market for legal cannabis grew 74 percent last year to a value of $2.7 billion, up from $1.5 billion in 2013. If trends continue, ArcView forecasts that 14 more states will allow adult-use cannabis over the next five years.

The rapid growth in demand for legal cannabis in new markets such as Washington and Alaska has already jump-started a modern-day land grab in states like Oregon for agricultural, warehouse and retail space. The boom in interest has generated an unprecedented opportunity for real estate portfolio managers such as Third Avenue Development.

Third Avenue Development, a hybrid real estate investment and development company, is building a portfolio of real estate assets for investment, rehabilitation and resale. The company is focused on acquiring properties in the country's top-performing housing and real estate markets in order to capitalize on the continued recovery and growth of the U.S. real estate marketplace.