Going Green: Will Seniors Retire to Marijuana Friendly States?

Not that long ago, when asked where they would like to retire, many seniors unsurprisingly said Florida. Yet as more and more states begin legalizing recreational marijuana, the retirement communities in Florida may become ghost towns.

Colorado Amendment 64, as it was originally known, was the initiative to legalize marijuana in the state. In 2012, the measure was passed but it wasn’t until January 1, 2014 that the first cannabis stores were opened to the public. Since legalizing recreational marijuana, Colorado has experienced an economic boom as a result of residents, tourists and retirees purchasing the plant in edible and smokeable forms. In fact, the U.S. legal recreational marijuana market was approximately $2.4 billion in 2014 and is expected to increase to around $3.5 billion in 2015.

Following in Colorado’s footsteps are Washington State and Oregon. Additionally, Alaska and Washington D.C. are expected to hop on the bandwagon. The question remains, Why would seniors specifically choose to retire in a marijuana-friendly state? Here are a few theories:

1. Problems with aging — People develop countless problems as they age — back pain, arthritis, insomnia, irritability, bowel problems, loss of appetite, etc. And while all of these issues can affect your quality of life, they don’t necessarily warrant powerful narcotics. Many seniors may seek marijuana-friendly states simply to improve their quality of life in later years.

2. Familiarity — Today’s seniors lived through the 1960s and 1970s — times when marijuana use was abundant and accepted. For some, cannabis-friendly states represent a return to the college years before the kids showed up and life became more complicated — legalized marijuana is about an entire culture, not just a psychoactive stimulant.

3. Relaxed environment — Many people view states that have legalized recreational marijuana as less stressful places to live, regardless of whether they choose to consume cannabis or not.

If you are approaching the age of retirement, it’s time to start thinking about where you want to spend the rest of your life. Do you want palm trees and sun? Ski slopes and cocoa? For some, it seems, the answer is recreational marijuana. If you live in Hunterdon or Union County and need assistance with any type of estate planning matter, contact Alec Borenstein, Esq., by email at alec@bmcestateplanning.com or call 908-236-6457 today.