Responsible PA, a Pennsylvania-based advocacy group, recently partnered with FTI Consulting to determine important data about the state’s cannabis industry potential.
FTI Consulting analyzed trends exhibited in other states surrounding reform and legalization and came to the conclusion that adult-use cannabis sales in Pennsylvania could reach anywhere between $1.7 billion to $2.8 billion within its first year of operation.
The report was released during a digital news conference held on June 20 by Responsible PA. “There’s an enormous economic impact the state of Pennsylvania has left on the table year after year,” said Responsible PA spokesperson Brit Crampsie.
FTI Consulting stated that the sales projection includes the assumption that the state may implement a 6% retail sales tax, in addition to a 15% excise tax and other applicable taxes to consider. Additionally, the projection estimates that the state would collect $420 million to $720 million in cannabis tax revenue during the same time period.
A surge in legal cannabis businesses would also bring a slew of job openings, and FTI Consulting stated that legalization would lead to 26,250-44,500 new jobs. “Nearly two-thirds of the jobs supported by the adult use market would be direct cannabis jobs, with the remaining third supported indirectly or through induced spending,” the report stated.
The report also added that the state would need to approve 43-100 retail licenses in order to properly serve the state as a whole.
Adult-use cannabis has not yet been legalized in Pennsylvania, but there are numerous efforts trying to get legalization passed.
On June 17, Rep. Aaron Kaufer and Rep. Emily Kinkead announced the introduction of their bill. Currently it doesn’t have a numbered designation, and will not receive one until later this month, but a report from WVIA said that according to Kinkead, it will be called House Bill 2500. If passed into law, the …
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Author: Nicole Potter / High Times
