Here from the public record is my friend Jon Caulkins’s written submission to the Pennsylvania Legislature on cannabis legalization – about expectations for the illicit market and about social equity.
On the illicit market: “I think two-thirds legal and one-third illegal is a reasonable expectation for after the market has stabilized a few years after state-licensed supply opens and before national legalization. That ballpark estimate comes with several elaborations and two warnings.”
On social equity: Although “Most discussion focuses on” “[e]nsuring equitable access to cannabis licenses,” “[t]hat is a mistake.”
And there’s a warning that regulating the marijuana industry won’t be easy. Click to download legible version: https://newrevenue.org/wp-content/uploads/2023/11/2023-10-20-written-testimony-for-pa-cannabis-legalization-hearing.pdf
The Center for New Revenue 