Next month could prove to be an inflection point for Pennsylvania’s legal cannabis market when Philadelphia voters vote on a local ballot referendum that could further motivate the state to advance recreational cannabis legislation.
The resolution states that “the citizens of Philadelphia call upon the Pennsylvania General Assembly and the Governor to pass legislation that will decriminalize, regulate, and tax the use, and sale to adults aged 21 years or older, of cannabis for non-medical purposes.”
This comes after state legislatures have failed to advance broader legislation reform and we are favorable on how cities like Philadelphia have passed ordinances to decriminalize the possession of small amounts of cannabis.
Although the potential passing of the legislation will not result in any immediate changes to the law, it could light a fire and put additional pressure on state legislators. Pennsylvania Governor Tom Wolf has already expressed support for legalization and has encouraged lawmakers to make the policy change. We are favorable to the support that he has provided to the state’s cannabis industry and expect to see legislation reform in the near future.
During the last year, Pennsylvania’s medical cannabis industry has recorded impressive growth and we are bullish on the recreational opportunity in the state. Over this period of time, we have noticed a substantial increase in interest from companies as well as an increase in the amount of dispensaries that are open.
We consider Pennsylvania to be an attractive cannabis market and are favorable on the limited license structure that is associated with it. Earlier this year, we came across a few polls that showed that cannabis legalization is becoming more popular among Pennsylvania voters and find this to be significant.
We believe that the increased popularity with voters should provide state legislatures with a reason to support the legal cannabis movement and will monitor how the market evolves over the coming months.
If you are interested in learning more about Pennsylvania’s cannabis market, please send an email to firstname.lastname@example.org with the subject “Pennsylvania’s Cannabis Market” to be added to our distribution list.
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