Leaders of West Virginia's medical cannabis industry say much of the product's market has yet to be realized. While the state has permitted medical use since 2019, patient growth has been slow and even dropped near the Ohio and Maryland border, leaders said. And the state could be leaving up to $50 million in annual tax revenue on the table by not permitting adult-use cannabis.
"There's a lot of good uses for that money," said Harvest Care Medical co-founder Kevin Gibbs.
Leaders estimate the illicit cannabis market in West Virginia is about $350 million to $500 million annually. If taxed at a rate of 10%, this could net up to the aforementioned $50 million in revenues. But there may be even more of an impact. If legal, some percentage of the tens of millions of people who come into West Virginia for tourism purposes each year would likely purchase cannabis too, Gibbs said.
"We can be a much bigger economic engine for the state than we are right now," Gibbs said, noting increased economic activity would make the state a more attractive place to stay in or move to.
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