Legalization Of Marijuana Could Turn Into Cash Crop For Some Property owners

ADELANTO (CBSLA.com)  — For one little Southland town the passage of the pot law is already turning into an investment boom for some property owners.

When the city saw the potential for legal pot in California officials cleared the way for pot growers to start farming marijuana in their town.  Now anyone who owns property in that area is being bombarded with offers to buy their land.

CBSLA's Crystal Cruz talked to one man tonight who bought a commercial zoned property a few months ago for $160,000 and last week a man came to his door offering $2 million for the land.

Robert Andrade says he recently bought industrial properties in Adelanto for less than $200,000 and now a businessman has an offered $2 million for the properties.

He says this businessman says he wants to grow and process medical marijuana in one of his buildings.

Adelanto allows licensed medical marijuana cultivation and with the passing of recreational marijuana interest in real estate is up says city councilman, John Woodard.

"Two years ago this land you couldn't even give it away, no one wanted it." Woodward said.

Adelanto passed a 5 percent tax on medical marijuana businesses. Woodard says high profile celebrities have shown interest in investing here.

"We starting to see people of money driving through town," Woodward said.

Andrade says he really doesn't like the idea of the marijuana in his city.

"Honestly we are probably going to move to another state where marijuana isn't legal."

City council says marijuana factories will create jobs for locals and bring millions of dollars to the city.