Pennsylvania Lawmakers Have Just Filed a Bill To Legalize Marijuana Sales Through State-Run Stores
Pennsylvania legislators have introduced new bills aimed at legalizing marijuana sales through state-operated stores and providing permits for small agricultural businesses and farmers to grow cannabis once recreational sales are allowed. Rep. David Delloso (D) officially presented the legislation, enabling adults aged 21 and older to possess, consume, cultivate, and purchase cannabis through a state store system managed by the Liquor Control Board.
Two stocks that may be positively impacted by the news of potential marijuana legalization in Pennsylvania are Innovative Industrial Properties (NYSE: IIPR) and Cresco Labs (CSE: CL, OTCQX: CRLBF). These companies have operations and investments within the cannabis industry, and the expansion of specific legal marijuana markets in the United States could lead to increased growth opportunities for these companies. These stocks may be a strong investment vehicle to consider along with Bitcoin or gold, and you can compare the pros & cons by clicking this link for your future investment endeavours. Note that this is not financial advice, and it’s crucial to conduct your own research before making any investment decisions.
Currently, Cannabis in Pennsylvania is completely illegal for recreational use. However, medical use in this state was made legal in 2016 thanks to a state legislature bill that was passed. This new bill proposes a 19% tax on retail cannabis sales, with revenue directed toward the state’s general fund. Additionally, the legislation envisions a separate regulatory framework for industrial hemp. The bill, supported by 20 initial cosponsors, also considers allowing cannabis imports from other states or countries where marijuana is legal, with certain restrictions.
Rep. Melissa Shusterman (D) and 13 cosponsors filed another bill to establish a permitting process for farmers to cultivate cannabis for marijuana grower-processors once legalization is implemented. This would provide accessible and equitable entry into the adult-use cannabis industry for farmers and small enterprises. The future of legalization in Pennsylvania looks more promising after Democrats gained control of the House following the 2022 elections, although Republicans still control the Senate.
Enjoy this article? You can read more like this on the Cannabis Investor.
Along with daily market updates on The Wealthy Venture Capitalist by clicking here!
Subscribe to the TCI Email Newsletter Via the Sign Up Box Below or By Clicking Here.
Follow TCI on Social Media: Facebook | Instagram | Twitter | LinkedIn | Investor Group
Follow Psychedelic Profits on Social Media: Facebook | Twitter | LinkedIn | Investor Group
Did you enjoy this article? If so, sign up for our Email Newsletter below to start receiving our weekly recap of the week’s best articles.
Get Your Copy of The Ultimate Cannabis Investing Guide
Join the Discussion in the TCI Investor Group
Featured ArticlesCannabis Stock NewsCannabis Industry ArticlesTechnical Analysis ArticlesWatch Cannabis Stock Videos