Page 39 - BusinessWest July 24, 2023

Trulieve will soon be leaving the Massachusetts market, and its property on Canal Street
in Holyoke, leaving questions about the site’s future.
COMMERCIAL REAL ESTATE >>
Building A
Anxiety
Retreating Cannabis Sector Changes Real-estate Landscape in Holyoke
BY GEORGE O’BRIEN
[email protected]
aron Vega calls it the ‘year of reckoning.’ And he’s not the only one who uses such
language when talking about 2023 and the can- nabis industry.
This has been a year when a confluence of forces has brought stern challenges to a sector that got off
to a fast and hot start in this region. These forces, includ- ing mounting competition and falling prices, have prompted some players to exit the market — Truelieve was the latest to make that decision — and others to delay or cancel entry into it.
The impact of these rather sudden changes in the for- tunes of the cannabis industry has changed the landscape in many different ways and in many different communities. But perhaps the greatest impact has been on the commer- cial real-estate market in the city that has most aggressively pursued this sector: Holyoke.
Indeed, a market that was once white-hot as Holyoke officials, led by former Mayor Alex Morse, rolled out the red carpet for cannabis has cooled off substantially, said Vega, director of the city’s Office of Planning and Economic Development, adding that this trend will likely continue as the cannabis sector continues adjusting and responding to the changing climate.
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