Like many other states, the Pennsylvania economy has been wounded by COVD-19. However, the governor has a solution to repair some of the damage – legalize cannabis.
On Tuesday, Pennsylvania governor Tom Wolf (D) announced that legalizing recreational cannabis is a high priority on his fall legislative agenda.
Here are some more details from Marijuana Moment.
During a press conference on Tuesday, Gov. Tom Wolf (D) talked about his plan to address the COVID-19 crisis and included legalization prominently in his agenda. Tax revenue from marijuana sales could help “supplement” relief loans provided by the federal government, he said.
Asked about the prospects of advancing legalization legislation through a Republican-controlled legislature, the governor said, “I think there was some appetite for it before and my hope is that with the pandemic and the hit that we’ve taken to revenues that there might be a little more interest in it right now.”
Pennsylvania, the fifth most populated state in the U.S., already has a booming medical cannabis market. According to a report from mjbizdaily.com, medical cannabis sales are on pace to almost double in 2020 to $400-$500 million and could reach $1 billion in annual sales within three years.
Pennsylvania’s strong medical cannabis market creates a great platform for the state to take the next step forward and legalize recreational cannabis. In fact, this is a well-document path. Every U.S. state that has legalized recreational cannabis first legalized medical, including California, Colorado, and Nevada.
If Pennsylvania follows this same path, it would create another huge cannabis market and another great opportunity for cannabis investors.
Today I am going to reveal three cannabis stocks that are early leaders in Pennsylvania and are in a position to capitalize.