Cannabis companies are eyeing sites on some of the priciest retail streets in Chicago, including the Magnificent Mile, as they get ready to sell recreational marijuana in Illinois.
Dispensaries have opened in marquee retail spots around the country — like Fifth Avenue in New York and a mile from the Las Vegas strip. Chicago’s turn may be next.
Real estate sources say industry players are scouting locations with heavy foot traffic and alongside well-known retailers, and they’re doing so well before the city develops rules and regulations for cannabis sales, including amending the current zoning requirements.
If dispensaries end up on the Mag Mile, marijuana sales would bring a new definition of “high street”— the term for the world’s top retail streets — at a time when North Michigan Avenue and similar shopping districts around the world are grappling with changes in shopping habits.