1. Make sure you understand the water supply and water rights. When you do your property due diligence make sure water is at the top of your list, you don’t want to run out of water or realize you do not have the proper water rights. Consult with a local lawyer if you are unsure, there are lawyers that specialize in water rights.
2. Spend the time to learn the local ordinances and zoning. Some cities hold the right to outlaw cannabis grows or outdoor cultivation even in states where it is legal. Some jurisdictions allow for vertical integration and others want you to dry and process the cannabis off-site. Examine the surrounding neighborhood to make sure you are far enough away from schools and parks for zoning. Hiring a land-use planner before you buy your property can be a huge help.
3. Make sure you know the neighbors and elected officials in the area. The political climate is very important, if all the politicians in the area are very anti-cannabis it may be a tough place to setup shop and get established. Projects can get delayed by neighbors getting together so make sure the people that live around you and the nearby businesses are on board.
4. Make sure the facilities are not falling apart, and verify the seller is representing the farm as it stands today. Fencing, lighting, landscaping, and greenhouse parts can all get expensive. It can be tough for a cannabis company to get a loan to fix everything up.
5. Test the water supply and soil! The perfect location does not mean much if the soil will contaminant the crop. Test the water and soil you will be using to make sure it is of high quality, this is a major part of what you are investing in so make sure it is what you are paying for.