Philadelphia City Councilmember Brian O’Neil (R) recently proposed a new zoning rule that, if passed, would restrict some medical marijuana dispensaries in Northeast Philadelphia from taking part in the future recreational market, reported WHYY. The proposed legislation would amend two zoning overlay districts to ban recreational weed sales.
Wait, is adult-use cannabis already legal in the Keystone State?
While recreational cannabis use has not been legalized yet, efforts toward that end, including plans, have been underway for a while.
In May, state senators Dan Laughlin (R) and Sharif Street (D) announced a plan to introduce a new piece of legislation that would regulate the industry addressing safety by making it legal for adults over 21, providing the means to law enforcement to oversee DUIs and halt illegal sales.
“Legalized adult use of marijuana is supported by an overwhelming majority of Pennsylvanians and this legislation accomplishes that while also ensuring safety and social equity,” stated Laughlin. “With neighboring states New Jersey and New York implementing adult use, we have a duty to Pennsylvania taxpayers to legalize adult-use marijuana to avoid losing out on hundreds of millions of dollars of new tax revenue and thousands of new jobs.”
Gov. Josh Shapiro (D) also supports legalization and has proposed legalizing and taxing adult-use marijuana as part of his 2023-2024 budget request.
The budget, an estimated $188 million in annual cannabis revenue by 2028, proposes to impose a 20 percent tax “on the wholesale price of [cannabis] products sold through the regulated framework of the production and sales system, once legalized.”
The proposal banning Northeast Philadelphia from taking part in the recreational market was not welcomed by some. Pennsylvania Cannabis Coalition chair Jamie Ware pointed out that legal medical marijuana operators have already invested millions of dollars in their businesses and security measures. Furthermore, some of these businesses have signed leases of 10 years and upwards with landlords.
“We’re really stuck,” she said. “Our members affected by the ordinance, I can say, are disappointed because we were really not able to work through the process of community engagement nor really have any meaningful discussions with council before the ordinance passed.”
Nearly $400 Awarded To Support PA's Hemp Industry
Meanwhile, the Shapiro Administration awarded more than $390,000 in grants to stimulate the hemp industry growth in the state.
Agriculture Secretary Russell Redding (D) confirmed that it has given $392,265 in grants to three agriculture nonprofits to fund projects aimed at growing fiber and food hemp markets, sales and awareness in Pennsylvania.
"Pennsylvania has been making history, building a new hemp industry from roots up," said Sec. Redding. "These grants feed the growth of an industry that was once a staple of Pennsylvania's economy and is once again growing opportunities for new businesses, farm income, jobs, and climate-smart, environmentally sound products."
The full amount was granted to the following non-profit organizations and projects:
-
$56,000 was given to support Pennsylvania Hemp Industry Council’s campaign to promote the benefits of hemp and create new markets for hemp-based products;
-
$20,500 was granted to U.S. Ecological Advanced Research & Conservation Hub Hemp Certificate Program for Disadvantaged Communities (USEARCH) to fund development of an educational program for disadvantaged communities including youth, veterans, and women to enable them to get involved in the hemp industry;
-
$315,765 was given to Vytal Plant Sceince Reserchthat sponsors research at Penn State Harrisburg's Central Pennsylvania Research and Teaching Laboratory for Biofuels. Vytal will introduce a STEM curriculum to high schools and universities to effectively engage in industrial hemp production, management, and cultivation by promoting and marketing industrial hemp for its many uses such as food, fiber, fuel, industrial, and personal care product
Photo: Courtesy of Jeff W on Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.