Should the state of Pennsylvania legalize the use of marijuana for adults the state could generate an estimated $255 million in next tax revenue, Gov. Josh Shapiro said earlier this week, according to the Pittsburgh Post-Gazette.
Assuming it does come to fruition, it could follow the same playbook other states do, and could result in local municipalities financially benefiting as well.
States such as New Jersey, New York and Oregon already allow local municipalities to levy taxes, ranging between 2% and 5%, on the sale of legal marijuana, showing how much they recognize the boom of the marijuana dispensaries industry and how states can benefit.
“The number of medical marijuana patients drops; the number of people using cannabis increases dramatically,” Steven M. Schain, senior counsel at Smart Counsel LLC said. “It takes off.”
Schain works at a Philadelphia-based law practice specializing in cannabis related issues, which is also becoming a niche for lawyers to practice within.
Pennsylvania municipalities could get a chunk of the action, which could be an interesting entry into any municipal accounting software books, that you may have never expected to see, moving forward.