What will the medical marijuana industry look like in 5 years?
Much remains unknown about what the medical marijuana industry is going to look like in Pennsylvania. But whatever shape it takes is likely to change in the years ahead. The Central Penn Business Journal asked some observers to offer predictions about the industry in five years.
“The Pennsylvania medical cannabis market will expand to meet the needs of a growing patient
population that will open up even more opportunities for existing enterprises and entrepreneurs to enter the space, particularly with a rescheduling decision on the horizon within that period.”
Justin Moriconi, a Philadelphia attorney with Segal McCambridge Singer & Mahoney Ltd.
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“Assuming Pennsylvania experiences similar growth over time (as Colorado), 12 million square feet over 15 years would amount to 800,000 square feet per year of absorption. This type of absorption of space would be similar to the scale of the e-commerce activity our market has experienced over the past five to 10 years. There is no reason to believe this type of growth would not occur in Pennsylvania, unless the regulations prove to be more onerous in Pennsylvania versus Colorado.”
Jake Terkanian, vice president of industrial brokerage services for CBRE Group Inc.
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“To predict where medical marijuana will be in five years in Pennsylvania, we can look to other states with more mature medical marijuana statutes. In almost all cases, state governments have set parameters and legitimate businesses have been able to grow and flourish within those parameters, while providing additional tax revenues to the state. I suspect that five years from now, that is where Pennsylvania will be and medical marijuana will be a non-issue.”
Michael Wishnow, senior vice president for marketing and communications for the Pennsylvania Credit Union Association