How to re-encrypt .password-store using new gpg key

In addition to the answer I accepted I wanted to post another option. You can just import your existing key in to gpg2.

gpg --list-keys
gpg --export [ID] > public.key
gpg --export-secret-key [ID] > private.key
gpg2 --import public.key
gpg2 --import private.key
rm public.key private.key