Pennsylvania Cannabis: Poll Gets Headlines, But $10M Store Economics Tell the Real Story

Pennsylvania’s latest cannabis poll arrives as lawmakers intensify efforts to regulate the state’s broader THC market, with the underlying data pointing to stronger signals, including 69% of voters backing legalization.

The poll lands alongside Senate Bill 49, which seeks to align Pennsylvania with federal hemp restrictions and bring intoxicating THC products under a regulated framework. Together, the data and legislative movement suggest the debate is shifting away from whether legalization should happen and toward how a controlled market would be structured. 

At the same time, market data from Zuanic & Associates and existing operator exposure show that Pennsylvania is not starting from zero, with its medical system and current MSO footprint already providing a clear baseline for how an adult-use market could take shape if policy alignment follows.

Support Is Not Marginal 

We reviewed the full survey from Susquehanna Polling & Research, conducted March 7 to 19, 2026, among 705 likely voters (±3.7% margin of error), and the signal goes beyond the headline 69% support for legalization. Intensity stands out: 46% strongly support it, while only 22% oppose it. 

Safety Frameworks Define the Path Forward

Support expands under defined conditions:

• Total support rises to 72% when safety measures are included
• 49% of voters say they are much more likely to support legalization with safeguards

Delta-8 Regulation Becomes a Catalyst

The strongest consensus in the poll is not legalization itself, but restricting unregulated THC:

• 89% support limiting intoxicating hemp products to licensed channels
• 70% strongly support such restrictions

Bipartisan Support Exists, But Execution Risk Remains Structural

Support for legalization now spans both parties:

• 72% of Democrats
• 67% of Republicans

This level of alignment suggests legalization is no longer a high-risk political decision. Instead, the remaining uncertainty lies in how the market is implemented.

Demand Is Statewide, Not Urban-Driven

Support is geographically distributed:

• Philadelphia: 78%
• South Central: 71%
• Most regions: 63% to 71%

Pennsylvania Is Already a Top-Tier Cannabis Market

Despite being a medical-only market, Pennsylvania is operating at a scale comparable to established adult-use states. Data from Zuanic & Associates reinforces that Pennsylvania’s cannabis market is already one of the largest in the United States.

• 4Q25 sales reached approximately $475 million
• This places Pennsylvania among the top five state markets nationally

Growth Is Modest — But Stable

Pennsylvania posted:

• +3.9% year over year growth in 4Q25
• +6% quarter over quarter growth

While not high growth, Pennsylvania’s performance stands out, especially as several mature markets are declining, including California at -5.5% year over year, Florida at -5.6%, and Arizona at -6.4%.

Pricing Stability Sets Pennsylvania Apart

One of the most important differentiators is pricing discipline.

• Average flower price: $7.59 per gram
• Quarter over quarter change: -2%
• Year over year: flat

In contrast, several adult-use markets are seeing sharp price compression, including New York at -25% year over year, New Jersey at -25%, and Connecticut at -26%, while Pennsylvania remains one of the few states maintaining pricing stability alongside Minnesota and Virginia, reflecting more controlled supply, limited oversaturation, and stronger margin protection.

Revenue Per Store Signals High Operator Efficiency

Pennsylvania ranks among the strongest states in retail economics.

• Revenue per store: approximately $10.3 million annually

This places it in the top tier nationally:

• Rhode Island: $17.5 million
• Utah: $12.7 million
• New Jersey: $11.2 million

By comparison, major markets such as California and New York generate significantly lower retail productivity, at approximately $3.1 million and $4.3 million per store, respectively, highlighting Pennsylvania’s advantage in lower store density, stronger per-unit demand, and less competitive fragmentation.

Operator Exposure Is Concentrated Among Key MSOs

If Pennsylvania transitions to adult use, early gains are likely to concentrate among existing operators with scale, wholesale reach, and infrastructure already in place.

Three companies stand out most clearly.

Green Thumb Industries 

• Green Thumb (OTC: GTBIF) generated approximately $1.175 billion in projected CY2025 revenue and $348 million in EBITDA, with 4Q25 sales of $311.1 million, up 5.7% year over year. 
• The company produced $213.9 million in free cash flow and ended the year with net cash of $29.4 million, including $274 million in cash against $244 million in debt. Pennsylvania contributed approximately $201.5 million in CY2025 sales, making it a core operating market.

Cresco Labs 

• Cresco (OTC: CRLBF) remains one of the most leveraged plays on Pennsylvania through wholesale distribution. The company generated $655.8 million in projected CY2025 revenue and $157.3 million in EBITDA, with 4Q25 EBITDA margins of 25%. 
• Wholesale accounts for 34% of total revenue, the highest among Tier 1 MSOs. Pennsylvania contributed approximately $189.0 million in CY2025 sales, or roughly 29% of total revenue.

Jushi Holdings 

• Jushi (OTCQX: JUSHF) has one of the highest concentrations in Pennsylvania. The state generated approximately $111.0 million in CY2025 revenue, representing about 42% of total company sales. 
• Total company revenue is projected at $262.9 million, with $50.3 million in EBITDA. Leverage remains higher at approximately 3.4x net debt to EBITDA, making it a more direct but higher-risk exposure.

Additional operators with Pennsylvania exposure include:

• Acreage Holdings (OTC: ACRHF)
• Ascend Wellness Holdings (OTCQX: AAWH)
• Ayr Wellness (OTCQX: AYRWF)
• The Cannabist Company (OTCQB: CBSTF)
• Curaleaf Holdings (OTCQX: CURLF)
• TerrAscend (OTCQX: TSNDF)
• Trulieve Cannabis (OTCQX: TCNNF)
• Verano Holdings (OTCQX: VRNOF)

A Structurally Different Launch Scenario

If Pennsylvania moves toward a January activation window, it would not follow the typical adult-use rollout.

Instead of rapid expansion and price compression, the state would transition from:

• A $475 million quarterly market
• Stable pricing near $7.59 per gram
• Top-tier retail productivity at $10.3 million per store