Canna-Business Gets Contact High

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.