Pennsylvania Gov. Tom Wolfe is advocating for legalization of recreational marijuana, which could bring the state needed funds from cannabis taxes.
The Governor has requested state lawmakers to consider the proposal and has indicated that money would go toward helping the state’s economy recover from the coronavirus pandemic.
Codie Sanchez, a partner at Entourage Effect Capital, a private equity firm focused on the marijuana industry, has said, “We’ve seen you can drive billions in revenue for your state from cannabis, and Pennsylvania wants to capitalize on it and stop having people go to New York to purchase.”
According to Sanchez, illegal sales generate more revenue compared to legal establishments — a market worth an estimated $50 billion compared to the permitted market worth $20 billion — and offers consumers with cheaper products.
“There are safer options however at legal marijuana dispensaries compared to the black market,” said Sanchez.
“We don’t know what stuff is in those products,” she explained. “There’s always concern that when you’re engaging in illegal options, there will be violent offshoots for it. Right now, if you go to buy alcohol, you aren’t going to have a shooting over buying a bottle of wine at the grocery store or the liquor store.”
According to Sanchez, while there is the chance of underage people receiving recreational marijuana illegally, it is still a safer option than purchasing cannabis from unlicensed people.
The state would become the 11th state to allow recreational marijuana if it legalizes the plant.
