A Republican Pennsylvania senator is calling for the creation of a state “legacy” fund, using tax revenue from adult-use marijuana sales and gaming to make long-term investments in the Commonwealth’s economy.
In an op-ed published in The Pittsburgh Post-Gazette on Tuesday, Sen. Dan Laughlin (R) said “we must ensure that today’s tax revenue is not just spent in the moment but invested wisely to benefit future generations.” And he’s proposing the “Pennsylvania Legacy Fund” as a means of achieving that.
As the legislature once again debates various cannabis legalization proposals, the senator is making the case that, beyond using any resulting tax revenue to fund day-to-day projects and public services, the state should earmark a portion of those tax dollars for a fund to “provide a sustainable source of prosperity that lasts for generations.”
“Legalization isn’t a matter of if anymore—it’s when,” the senator, who has sponsored bipartisan reform proposals, said. “Ohio took the step in 2023, and every year we wait, we lose tax revenue to neighboring states. A well-regulated cannabis market in Pennsylvania could generate hundreds of millions of dollars annually through sales taxes and licensing fees.”
“These funds could be directed into the Legacy Fund, ensuring that revenue from this emerging industry contributes to long-term investments in education, infrastructure, and other critical needs. Additionally, legalization would create jobs, support local businesses, and reduce the prevalence of the illegal and unregulated market. It is imperative that Pennsylvania takes action now to stay competitive and reap the benefits of this inevitable shift.”
Laughlin said his proposal would work by having cannabis and gaming tax revenue deposited into a “carefully managed investment fund,” which would include a “diversified portfolio of stocks, bonds, and real estate.”
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