June 2024 Regional Cannabis News: PA mulls adult-use as NY expands licenses

Each month, Cannabis World Congress & Business Exposition (CWCBExpo) offers a convenient roundup of the biggest cannabis news stories and hemp headlines emerging across the northeast. Get these updates in your inbox by subscribing to our email newsletter, or follow us on Instagram, LinkedIn, Facebook, or Twitter (now X) to get the most recent edition when it’s published. 

 

June 2024 was a dynamic month for cannabis news across the Northeast. From big strides toward potential adult use legalization in Pennsylvania to a key expansion of New York’s adult use market, this month’s update underscores the transformative potential of legalization not only economically, but also in fostering safety, equity and innovation. We’re also looking back at another great year for CWCBExpo and thanking everyone who joined us earlier this month. Let’s dive in!

 

CWCBExpo 2024 was a resounding success 

CWCBExpo kicked off with a bang on June 4, featuring pre-show events and workshops on topics like dispensaries, cultivation, and more. The expo floor, open from 10 am to 5 pm over two days, showcased a range of exhibits presenting the industry’s latest products, services, and technologies. The programming offered informative sessions on everything from regulatory updates to investment strategies and market trends. 

 

Notable highlights included Glenna’s Cannabis Creations, Let Mom Sleep, and HappySap CBD-infused Vermont maple syrup. Dispensaries like The Other Side Cannabis from Jersey City represented the local area, while companies like GrowPros Solutions and TrufflyMade showed off their products and services. 

 

This year’s expo guest of honor was Josh Kesselman, founder and CEO of HBI International, known for the popular RAW Rolling Papers. 

 

“The CWCBExpo was RAWesome! I was honored to give the keynote in my birthplace of New York City, which I consider the birthplace of RAW. I believe that New York is the epicenter of cannabis,” Kesselman shared with Cannabis Now. “Which is why it was so important to me that I speak with our entrepreneurial market makers and do my best to help guide them through this transitional period, towards a New York cannabis market that provides opportunities to all of us. We all get higher together, especially when you have a New York State of mind!”

 

PA lawmakers preparing recreational cannabis bill 

In Harrisburg, PA, lawmakers are gearing up to introduce a new bill aimed at legalizing cannabis for adult use in Pennsylvania. The proposed legislation seeks to eliminate the illicit market, foster the growth of small businesses, and provide avenues for expunging certain cannabis-related convictions. 

 

Additionally, it: 

 

  • Establishes robust guidelines for the labeling, packaging, and advertising of products to ensure that products are not marketed to children and adolescents;
  • Implements a “clean slate” policy and criminal justice reforms for residents with cannabis-related convictions;
  • Provides funding and support for law enforcement to enforce cannabis regulations;
  • Provides funding for local municipalities with cannabis businesses;
  • Leverages our agricultural infrastructure and supports local farmers;
  • Generates new revenue for the state and creates jobs.

“I think it’s well past time for us to legalize cannabis,” said State Representative Emily Kinkead, a Democrat representing Allegheny County and prime sponsor of the soon-to-be-introduced bill. “The governor has estimated that it would bring about $500 million within five years,” she said. “I think that’s actually a pretty conservative estimate.”

 

Gov. Kathy Hochul announces more adult-use licenses 

New York Gov. Kathy Hochul (D) unveiled an expansion of New York’s adult-use cannabis sector at the latest Cannabis Control Board (CCB) meeting. The board approved 105 adult-use cannabis licenses across all factions of the industry, setting the stage for increased economic activity and innovation within the market. The breakdown of the 105 license types approved includes:

 

  • 25 Adult-Use Cultivator Licenses
  • 22 Adult-Use Distributor Licenses
  • 22 Adult-Use Microbusiness Licenses
  • 19 Adult-Use Processor Licenses
  • 17 Adult-Use Retail Dispensary Licenses 

The CCB also approved a resolution to adopt the following regulations for home-grow: 

 

  • Adults can grow up to six plants individually.
  • Maximum of 12 plants per household.
  • Registered medical cannabis patients can have a designated caregiver grow on their behalf, provided no one can exceed the maximum of 12 plants per household.

“New York is building a robust and equitable legal market that is driving significant economic growth within our communities,” Governor Hochul said in a statement. “The issuance of 105 additional adult-use licenses is just the next step in developing the nation-leading industry New Yorkers expect and deserve.”

 

PA could see up to $2.8 billion in adult-use sales in first year

According to Marijuana Moment, reports indicate that PA could experience a substantial economic benefit from legalizing adult-use cannabis, with projected sales ranging from $1.7 billion to $2.8 billion in the first year alone. Collaboratively produced by advocacy group Responsible PA and FTI Consulting, the analysis forecasts potential tax revenues of up to $720 million through a combination of retail sales and excise taxes. Moreover, legalization could generate between 26,250 and 44,500 new jobs, drawing comparisons from other states and insights from PA’s existing medical market. 

 

“Nearly two-thirds of the jobs supported by the adult-use market would be direct cannabis jobs, with the remaining third supported indirectly or through induced spending,” states the report.

 

Stay connected with CWCBExpo 

Stay informed year-round by subscribing to the CWCBExpo email newsletter or following us on social media, where we continue to track and analyze the evolving landscape of cannabis legalization and business development across the region.

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