Source: PennLive
Gov. Tom Wolf’s change of heart on recreational marijuana could open the door to a rapidly growing new industry — and a potential revenue windfall worth hundreds of millions of dollars.
Medical marijuana companies are currently subject to a 5 percent gross receipts tax, in addition to licensing fees and income taxes. Through November, the state brought in just over $1 million from the gross receipts tax alone, according to state Department of Revenue data. That’s up from $291,000 last year, when the industry was still in its infancy.
In 2017, the worldwide marijuana trade was worth $9.5 billion, according to a recent report by Arcview Market Research and BDS Analytics, which marked a 37 percent increase over 2016. The United States represented $8.5 billion of that revenue and researchers estimated that to grow to $23.4 billion by 2022.