Pennsylvania Could Miss Out On Billions Of Dollars In Cannabis Sales If Legalization Efforts Fail

After hopes for marijuana legalization reached new highs in February when Gov. Josh Shapiro (D) called on lawmakers to legalize cannabis in his budget address, policymakers and advocates are no longer quite so optimistic that reform will take place any time soon. Why?

The Citizens’ Voice's Stephen Caruso pointed out that opposition from a "lawmaker who controls what legislation the GOP-majority state Senate considers," is still strong. That said, House members led by Democrats have yet to come to understand how to regulate the new industry while including people most harmed by cannabis criminalization.

Rep. Dan Frankel, D-Allegheny, chair of the House Health Committee said that approving a legalization bill by June 30, the budget deadline, is "probably not a realistic timeframe."

Lost Opportunity?

Pennsylvania’s potential recreational marijuana market holds huge economic potential, an analysis by FTI Consulting suggests. Results show the Keystone State could earn up to $2.8 billion in sales and create nearly 45,000 jobs during the first year of operations, highlighted Green Market Report's John Schroyer.

The FTI study, backed by Responsible PA and aimed at resolving the political conundrum around marijuana legalization, builds upon data gathered for PA’s medical marijuana market, which yielded $1.2 billion in 2023 alone.  

"There's an enormous economic impact to the state of Pennsylvania that has been left on the table year after year," said Responsible PA’s Brittany Crampsie. "It would be irresponsible of the state legislature to seriously consider the creation of an adult-use market as part of its state budget package … We strongly believe this is the best revenue source on the table and can accomplish many if not all of the legislature's goals."

Meanwhile, bipartisan lawmakers unveiled a new bill to legalize recreational marijuana this month. Reps Aaron Kaufer (R) and Emily Kinkead (D) are behind the push, urging their colleagues to support the reform.

Last week, Zuanic & Associates held a panel discussion featuring Pennsylvania Senators Daniel Laughlin, Sharif Street and Rep Amen Brown. Hosted by senior analyst Pablo Zuanic, the event focused on the pivotal legislative shifts in Pennsylvania concerning the legalization of adult-use cannabis.

Cannabis rescheduling seems to be right around the corner. Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.