The legalization of medicinal cannabis in Pennsylvania has gone extremely well up to this point. However, Cantor Fitzgerald analyst Pablo Zuanic said Monday that the state is struggling to agree on a path forward for legalizing recreational cannabis.
Finding The Path Forward: In most states that have legalized recreational cannabis sales, recreational licenses have gone to the incumbent medicinal cannabis retailers. However, Pennsylvania is considering a plan that would instead grant recreational cannabis sales licensed to 600 state-owned licensed liquor stores in the state.
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Pennsylvania is set up for a $5 billion budget deficit over the next two years, but recreational cannabis legalization could present a path forward, Zuanic said.
State-owned liquor stores generated $2.5 billion in sales in the last fiscal year. After factoring in between $2 billion and $4 billion in recreational…
