Thanks to consumers like Mr. Thomas and the prospect of legalized marijuana for recreational use in the state, Pennsylvania’s pot industry is on a roll. The market has reached $3.4 billion in total sales since 2018, according to the state’s Medical Marijuana Advisory Board. Dispensaries have generated $2 billion of those sales. Since marijuana was legalized in Pennsylvania for treatment of serious medical conditions in 2016, 633,557 patients and caregivers have signed up to date, as purchase requires a doctor’s prescription. And if recreational marijuana gets legalized in Pennsylvania, sales could quickly more than double, if Illinois’ experience is any guide. Cantor Fitzgerald analyst Pablo Zuanic doesn’t think that’ll happen before the first quarter of 2025 because the state’s Republican-controlled legislature has not shown much interest. But the legalization of recreational use in nearby states — New Jersey and possibly Maryland — could force the legislature’s hand, Mr. Zuanic wrote to investors. The bad news is without legal recreational use, the increasing number of dispensaries in Pennsylvania — 131 are open now — will dampen overall sales, Mr. Zuanic wrote. However, the silver lining for consumers of having more stores is lower prices, said John Collins, director of the state Office of Medical Marijuana.

Cannabis Business Executive – Cannabis and Marijuana industry news, 08/23/2021 08:30:00

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