Responsible PA and FTI Consulting Join Forces to Uncover Pennsylvania’s Cannabis Industry Potential
Hold onto your fedoras, hipsters, because the latest news from the Keystone State is about to blow your mind. Responsible PA, a badass advocacy group based in Pennsylvania, has teamed up with the experts at FTI Consulting to dig deep into the state’s cannabis industry potential. And let me tell you, the results are mind-blowing.
After analyzing trends in other states that have already embraced cannabis reform and legalization, FTI Consulting has come to a jaw-dropping conclusion. Brace yourselves, folks, because within its first year of operation, adult-use cannabis sales in Pennsylvania could reach a whopping $1.7 billion to $2.8 billion. That’s right, you heard it here first.
Responsible PA Drops Knowledge Bomb at Digital News Conference
But wait, there’s more. The report, which was released during a digital news conference on June 20, has some serious implications for the state’s economy. According to Responsible PA spokesperson Brit Crampsie, “There’s an enormous economic impact the state of Pennsylvania has left on the table year after year.” And she’s not wrong.
FTI Consulting’s sales projection takes into account a 6% retail sales tax, a 15% excise tax, and other applicable taxes. And that’s not all. The report estimates that the state could rake in a cool $420 million to $720 million in cannabis tax revenue during the same time period. Talk about a cash crop.
Legalization Means Jobs, Jobs, Jobs
But it’s not just about the money, man. Legalizing cannabis in Pennsylvania would also create a ton of new job opportunities. According to FTI Consulting, legalization could lead to 26,250-44,500 new jobs. And not just any jobs, but cool, cannabis-related jobs. The report states that “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.” Sounds like a win-win to me.
But in order to fully reap the benefits of legalization, the state would need to approve 43-100 retail licenses. That’s a lot of licenses, but hey, we’re talking about a multi-billion dollar industry here.
Efforts to Legalize Adult-Use Cannabis in Pennsylvania
Now, I know what you’re thinking. “But wait, isn’t adult-use cannabis still illegal in Pennsylvania?” Well, my fellow hipsters, you are correct. But that hasn’t stopped some badass politicians from trying to make it happen.
On June 17, Rep. Aaron Kaufer and Rep. Emily Kinkead announced the introduction of their bill to legalize adult-use cannabis. While the bill doesn’t have a number yet, it’s expected to be called House Bill 2500. And if it passes, it could have a major impact on the state’s economy.
According to Kinkead, the bill would “foster job creation and generate significant tax revenue for the Commonwealth, while helping eradicate the illicit market plaguing many communities.” And Kaufer believes that the state’s successful medical cannabis program could serve as a foundation for adult-use legalization. “By prioritizing public safety and consumer protection, this legislation will build on the successful regulatory structure of the state’s medical cannabis program,” he said.
So, my fellow hipsters, let’s keep our fingers crossed and our man buns tight. Because it’s time for Pennsylvania to join the ranks of our cool, cannabis-loving neighbors. It’s time for adult-use legalization, and it’s long overdue.
