Pennsylvania’s medical marijuana sales began in February 2018, and according to the latest tax revenue data, the state’s 12 growers and processors are estimated to have sold slightly more than $1.2 million of medical cannabis through April.
Such a pace could mean at least $5 million in sales in the MMJ program’s first year, with four full quarters of operation, the Central Penn Business Journal reported.
But that’s just for Pennsylvania’s first phase of businesses.
The state is adding another round of licensed growers and processors, bringing the total to 25.
Also, more patients are expected to sign up for MMJ, so the sales for one year could easily surpass the $5 million mark, the Central Penn Business Journal noted.
The Marijuana Business Factbook 2018 estimates that Pennsylvania medical marijuana dispensaries – as opposed to growers and processors – will ring up $50 million-$80 million in sales this year. Looking ahead, the state’s dispensary sales could exceed $100 million annually a few years after the program launches.
Here’s what you need to know about the current situation:
- According to the Pennsylvania Department of Revenue, the state had collected $60,086 in medical marijuana taxes by the end of July. Growers and processors are assessed a 5% levy on gross receipts of sales to dispensaries. Consumers don’t pay taxes when they purchase MMJ in Pennsylvania.
- So far, more than 60,000 patients in the state have signed up for the medical cannabis program, with nearly 38,000 having obtained ID cards.
- Aside from the additional growers/processors, the next round of licensing is also intended to increase the number of dispensary operators from 27 to 50. Each dispensary license holder can open three storefronts.