Legalizing Marijuana In Pennsylvania Would Generate Almost Half A Billion Dollars In Revenue By 2028 Under Governor’s Plan, State Analysis Finds
Legalizing marijuana in Pennsylvania under the governor’s latest budget plan could bring in nearly half a billion dollars in annual revenue by 2028, according to a new analysis from the state’s Independent Fiscal Office (IFO) that estimates a significantly larger cash windfall compared to projections from Gov. Josh Shapiro’s (D) own office.
With a proposed 20 percent wholesale cannabis excise tax, 6 percent state sales tax for retail and licensing fees, IFO said Shapiro’s legalization plan that he unveiled earlier this month would generate $140 million in tax revenue in the first year of implementation from 2027-2028 and increase to $432 million by 2030-2031.
That’s a much higher revenue estimate than what the governor’s office put forward in the latest executive budget. According to that analysis, legalization would generate about $36.9 million in tax dollars in its first year from a 20 percent wholesale tax on marijuana—rising gradually to $223.8 million by 2030-2031.
Of course, the projections assume the legislature advances adult-use legalization in line with the governor’s budget request and sales begin on January 1, 2027. It remains to be seen whether lawmakers will follow through on the reform this year, but it wouldn’t be the first time marijuana
The post Legalizing Marijuana In Pennsylvania Would Generate Almost Half A Billion Dollars In Revenue By 2028 Under Governor’s Plan, State Analysis Finds appeared first on GrowCola.com.
