Office space located at 330 Fell St. will be the new headquarters for the first cannabis hedge fund (credit: 42 Floors).
SAN FRANCISCO—The softening of state and federal drug laws in recent years has allowed the cannabis industry to flourish, posting close to $29 billion in sales in 2018. With more than 6 million square feet of class-C commercial space gobbled up by marijuana businesses in Colorado alone since 2010, there are many commercial real estate professionals paying attention to the industry, according to Apto, the commercial real estate software company.
And while the laws and regulations surrounding this specialty are new to the CRE industry, many leases and sales already in the books. For example, office space located at 330 Fell St. will be the new headquarters for the first cannabis hedge fund, Poseidon Asset Management. Founded by siblings, Emily Paxhia and Morgan Paxhia, the hedge fund focuses on cannabis as a medicine and component that can aid people in living sustainably and responsibly.
“Poseidon's ability to turn the cannabis industry into a lucrative financial vehicle will help aide destigmatize cannabis nationally, especially in the eyes of the white collar community,” Jake Levinson, sales and leasing associate with Starboard Commercial Real Estate, tells GlobeSt.com. “Here in San Francisco, we are seeing an emergence of cannabis commerce in all forms. New technologies in cannabis-related software, retail, cultivation and distribution are finding San Francisco to be a welcoming home.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
