Connect with us

Business

Is Pennsylvania back in play?

Published

on



Despite a solid effort, Pennsylvania failed to pass adult-use cannabis legislation in 2024, but the tides may be turning in 2025.

The buzz

Gov. Josh Shapiro told TribLive in December that he would include adult-use cannabis legalization in his 2025 budget, which is set to be released on Feb. 4.

In November, Stephen Caruso, the capitol reporter for Spotlight PA, posted on X: “Talked with House Majority Leader Matt Bradford (D., Montgomery) this afternoon. He said that there is ‘will in the House to move forward’ on marijuana legalization next session. ‘That is a new area that the Senate will be likely having to deal with in the very near future.’”

Supporters aren’t only from the Democrat side of the aisle either. Pennsylvania State Senator Dan Laughlin (R-49), who has been a champion of cannabis reform for years, recently told YourErie.com, “He wants to move forward with a full adult-use bill in a responsible fashion and regulate it so that non-users aren’t impacted.”

Budget shortfall a tipping point

The motivation to revisit full legalization could be purely financial. The Independent Fiscal Office projected that the state’s general fund will deplete its surplus in the fiscal year 2025-2026, resulting in a $3.4 billion deficit. This deficit is anticipated to grow to $6.7 billion by fiscal year 2029, which could be a huge incentive to increase the tax revenues from cannabis sales.

As of Nov. 1, 2024, the state collected $6.7 billion in cannabis tax revenue since the medical program became operational. Sales figures for 2024 have not been released yet, but they are on track to reach more than $1.5 billion. A 5% excise tax could peg those tax receipts at roughly $70 million.

$2 billion market?

As of Nov. 1, 2024, the state reported 32 operational growers/processors and 186 operational dispensaries. According to analysis from Viridian Capital Advisors this week, allowing those medical operators to sell recreational cannabis could quickly ramp up the adult-use program.

Viridian noted that, as a rule of thumb, total sales typically double when a medical market transitions to an adult-use market. If that were the case, Pennsylvania could propel itself into the top 10 markets in the country. And that could be a quick boost to the budget for the state.

Pennsylvania sales per adult have tended to be on the low side at $164 per person, based on calculations from Viridian Capital Advisors. However, that could accelerate with full legalization.

“Still, our projected $2.1 billion first-year sales gain is nothing to be scoffed about, accounting for about 6.6% of total projected 2024 revenues. And an additional 6.6% growth in industry revenues looks pretty good right now,” the firm wrote.

Howdy, neighbor

Another reason Pennsylvania lawmakers may want to get legalization across the finish line: its neighbors. “Folks are going across state borders in order to purchase it and paying taxes to those states. They should be keeping their money right here in Pennsylvania,” Shapiro said.

Pennsylvania has several neighbors with legal adult-use sales, including Delaware, Maryland, New Jersey, New York and Ohio. Its other neighbor, West Virginia, is a medical-only state. This limits the ability of Pennsylvania to get cross-border traffic, Viridian wrote.

“The flip side of this is that PA is likely to recapture most of the spending its residents are now doing in those neighboring adult rec states,” read the report.

The timing could be right for Pennsylvania, and the industry would certainly welcome a new market. Ohio and New York both turned in healthy sales in 2024 and are primed to continue solid growth. Adding the Keystone State would be a boost to many companies.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Maryland governor names new cannabis czar

Published

on



Maryland’s top marijuana regulatory agency is poised to get a new leader, pending confirmation by the state legislature, the state’s governor announced on Wednesday.

Tabatha Robinson, executive deputy director of economic development for the New York Office of Cannabis Management, will take over the Maryland Cannabis Administration post effective Feb. 19, Gov. Wes Moore announced.

Robinson is filling a job left open by the departure last month of Director Will Tilburg, Moore said in a press release. She also had been the acting chief equity officer at the New York OCM.

“Under Tabatha’s steady leadership, Maryland will continue to build out a thriving cannabis market that sets the standard for the rest of the country,” Moore said in the announcement, which focused on Robinson’s social equity work in New York.

Robinson called Maryland’s cannabis industry a “national model” and a “testament to prioritizing product safety for consumers and promoting social equity market-wide.”

The Maryland marijuana market, which launched in 2023, reached more than $1 billion in sales over last summer, and more companies – led by social equity entrepreneurs who were harmed by the war on drugs and cannabis prohibition – are poised to join the market in coming months.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading

Business

Ispire Technology launches $10M stock buyback

Published

on



Los Angeles-based Ispire Technology (Nasdaq: ISPR) will repurchase up to $10 million of its issued shares over the next two years.

The cannabis vaping hardware manufacturer will execute the buybacks through various means including open market transactions, accelerated share programs and privately negotiated deals, according to the company Wednesday.

“This move reflects confidence in the company’s growth and strategic investments while leveraging margin expansion to return capital to shareholders,” a spokesperson told Green Market Report in an email.

The timing and scope of repurchases will be determined by Ispire’s board “based on its evaluation of market conditions, share price, legal requirements and other factors.” The program can be suspended or modified at any time, the company said.

“Given the current capital markets environment, we believe starting our share repurchase program now is an excellent opportunity to buy our common stock at a significant discount to their intrinsic value and represents an attractive investment to potential shareholders,” Michael Wang, co-CEO of Ispire, said in a statement.

The firm operates globally through its Aspire brand of e-cigarettes, though that brand excludes the United States, China and Russia from its distribution network.

In the cannabis sector, Ispire has been pushing to expand its footprint beyond its established markets in the U.S., Europe and South Africa. The company recently began customer engagement initiatives in Canada and Latin America, according to the announcement.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading

Business

Vermont cannabis regulators recommend new license types

Published

on



Vermont cannabis regulators are recommending several new business license categories while opposing additional product restrictions, according to a legislative report released last week.

The state’s Cannabis Control Board advised lawmakers to create three new license types:

  • Delivery services
  • Temporary event sales
  • On-site consumption establishments

The board also recommended against imposing minimum CBD requirements in cannabis products or additional regulations on paraphernalia sales.

For delivery services, the board envisions stand-alone businesses that would contract with multiple retailers to fulfill orders. The recommendations suggest that those licensees could aggregate deliveries within board-set product limits and use vehicles that are unmarked and secure. The board plans an exclusivity period for social equity applicants for the license category.

“Products and cash in vehicle would be limited and secured during transport,” the report noted, adding that “all purchase limits and ID checks would apply to these transactions.”

The temporary event program would permit cannabis sales and consumption at approved locations in municipalities that have opted into retail sales. Events would require transportation plans and age-restricted areas.

Regarding on-site consumption, the board proposed “café style locations” that could sell cannabis for immediate use, though alcohol sales would be prohibited. Such establishments would need adequate ventilation systems or outdoor screened areas.

The board opposed setting minimum CBD levels in cannabis products, citing insufficient scientific evidence. After reviewing available studies, regulators determined there was not enough data to support imposing such requirements or ratios to prevent cannabis-induced psychosis.

“Prohibiting or limiting products that are popular with consumers without evidence that they are particularly harmful will keep more sales in the illicit market where products are unregulated, untaxed, and not subject to quality control testing,” the report stated.

The state currently licenses 15 tiers of cultivators, three levels of manufacturers, and various retail and testing operations.

Both the delivery and consumption proposals would require legislative approval before implementation. The board recommended rolling out these programs gradually to assess their success before wider deployment. Vermont’s 2025 legislative season kicked off this month, with the session to end in May.

While officials initially forecast $86 million in sales by June 2024, the end of that fiscal year, the market had already reached $128 million by then, according to James Pepper, chair of the Vermont Cannabis Control Board.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading
Business7 minutes ago

Maryland governor names new cannabis czar

Business3 hours ago

Ispire Technology launches $10M stock buyback

Business5 hours ago

Vermont cannabis regulators recommend new license types

Business7 hours ago

Xebra Brands plans $150K financing for Mexico expansion push

Business8 hours ago

Overcoming Challenges in the Cannabis Industry: Cash Flow, Strategy, and Technology Insights – Cannabis Business Executive

Business17 hours ago

Cannabis tax compliance: planning for potential rescheduling – Cannabis Business Executive

Business17 hours ago

Is Pennsylvania back in play?

Business23 hours ago

Trump’s new DEA chief not a supporter of cannabis rescheduling

Business24 hours ago

Trump AG pick silent on cannabis reform

California1 day ago

LA’s cannabis community steps up for wildfire relief

Blüm Holdings1 day ago

Blüm Holdings raises $900K, eyes three new California deals

Business1 day ago

DEA judge sends marijuana rescheduling dispute to administrator

Business1 day ago

Willow Biosciences is looking for a buyer

Business2 days ago

Former California cannabis edibles maker talks pivot to drinks and hemp

Growing2 days ago

Meet the new and improved home of the growers, ILGM

Business5 days ago

Leafly delisted from Nasdaq

Business5 days ago

Colorado cannabis sales continued downward slide in November

Business5 days ago

Key Ohio legislator shifts focus from state cannabis laws, puts hemp in his crosshairs

Arizona5 days ago

Here’s your top pot products of Dry January

Business5 days ago

Thoughts on the Terrible Pageant of Marijuana Rescheduling – Cannabis Business Executive

Business5 days ago

Massachusetts marijuana sales top $1.6 billion in 2024

Industry5 days ago

This Legacy-era rebel is taking Nuna Harvest to the moon

Business5 days ago

LA fires test insurance limits for cannabis operators

Alliance Global Partners5 days ago

AGP downgrades, lowers price targets on select cannabis companies

Mississippi Cannabis News9 months ago

Mississippi city official pleads guilty to selling fake CBD products

Bay Smokes7 months ago

Free delta-9 gummies from Bay Smokes

best list6 months ago

5 best CBD creams of 2024 by Leafly

Breaking News8 months ago

Connecticut Appoints The US’s First Cannabis Ombudsperson – Yes there is a pun in there and I’m Sure Erin Kirk Is Going To Hear It More Than Once!

California9 months ago

May 2024 Leafly HighLight: Pink Runtz strain

Mississippi Cannabis News9 months ago

People In This State Googled ‘Medical Marijuana’ The Most, Study Shows

cbd8 months ago

New Study Analyzes the Effects of THCV, CBD on Weight Loss

California Cannabis Updates9 months ago

Alert: Department of Cannabis Control updates data dashboards with full data for 2023 

Breaking News8 months ago

Curaleaf Start Process Of Getting Their Claws Into The UK’s National Health System – With Former MP (Resigned Today 30/5/24) As The Front Man

Asia Pacific & Australia8 months ago

Thailand: Pro-cannabis advocates rally ahead of the government’s plan to recriminalize the plant

Mississippi Cannabis News8 months ago

Horn Lake denies cannabis dispensary request to allow sale of drug paraphernalia and Sunday sales | News

California Cannabis Updates9 months ago

Press Release: May 9, STIIIZY and Healing Urban Barrios hosted an Expungement Clinic & Second Chance Resource Fair

Dispensaries7 months ago

Ohio legal cannabis buyer’s guide to 2024

One-Hit Wonders9 months ago

Marijuana Rescheduling: Why Opponents Have No Idea What They Are Talking About

DEA8 months ago

President Biden Announces Federal Government Will Reschedule Cannabis in ‘Monumental’ Announcement

best list8 months ago

6 best CBD gummies of 2024 by Leafly

Pot Luck8 months ago

Benefits of Kratom: Uses, Effects And More 

adult-use cannabis8 months ago

Monitoring Weed’s Business Landscape

Asia Pacific & Australia9 months ago

Australia: Legalise Cannabis MP Sophia Moermond quits party over offshore wind farm opposition

adult-use cannabis8 months ago

Majority of Texans Now Support Legalizing Pot for Adult Use

Business9 months ago

Planet 13 reports $6M loss in first quarter, preps for Florida expansion

Mississippi Cannabis News7 months ago

Medical Cannabis changes to take effect July 1

adult-use cannabis8 months ago

DeSantis Likely To Veto Hemp Bill that Would Limit THC, Sources Say

Mississippi Cannabis News9 months ago

Cannabis lab files appeal with Mississippi State Department of Health

Trending