Report: PA Adult-Use Sales Could Reach $2.8 billion In Year One
June 25, 2024Adult-use sales in Pennsylvania could reach $2.8 billion in the first year of sales, according to a new report from Responsible PA, a legalization group, and FTI Consulting. The report also said that the state could see $720 million in tax revenue with the adult-use cannabis industry creating nearly 50,000 jobs.
To create these projections, the groups assumed a 6% sales tax and a 15% wholesale excise tax, bringing the range for tax revenue to $420 million up to $720 million. To calculate the sales totals, Responsible PA and FTI considered Pennsylvania’s existing medical-use market as well as the first-year sales totals in other states that legalized adult-use sales.
The report, however, is based on current legalization proposals, which could change before the legislature votes on adult-use cannabis. According to state senators Sharif Street and Dan Laughlin, there’s enough bipartisan legislative support for legalization to succeed. Laughlin indicated that the final step is members of the state House and Senate meeting with Governor Josh Shapiro to draft a final plan for legalization. Along with Florida, Pennsylvania is one of the most promising eastern cannabis markets that has yet to introduce adult-use sales. —Shane English
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