According to a newly released analysis, if marijuana is legalized in Pennsylvania it will create over 30,000 new jobs, with the total market generating over $2 billion in annual sales.
Titled Estimating the Economic Impacts of an Adult Use Cannabis Market in Pennsylvania, the report was conducted by FTI Consulting.
For the report, FTI “projected adult use sales under three scenarios based on historical relationships between retail medical and adult use sales in other states.” The base case ($2.1 billion adult use market), low case ($1.7 billion), and high case ($2.8 billion). The analysis shows that the adult use cannabis market in Pennsylvania would support between 26,250 and 44,500 jobs within the first full year of a legal
adult use market, with the base case adult use market supporting an estimated 33,350 jobs in the state.
The report found that around 22,000 jobs would be supported directly by the cannabis sector, 4,400 jobs would be supported by the cannabis supply chain, and 6,700 jobs would be “induced by the spending of those whose jobs are supported directly or indirectly.”
In the base case, “legalization of cannabis for adult use would lead to an additional $4.2 billion in economic output and $2.6 billion in state GDP in Pennsylvania.”
Further, the under the base case, legalization of cannabis for adult use would generate $126 million in new state sales taxes and $212 million in state wholesale cannabis excise taxes.
“Direct S&L taxes are estimated at $420 million, with an additional $40 million in indirect S&L taxes and $70 million in induced S&L taxes”, states the report.
For the full report, click here.
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