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Recently released data shows that recreational cannabis sales in the state of Ohio have exceeded $50 million since sales were launched in August. This comes after voters in the state passed Issue 2, a ballot initiative that legalized the recreational use of marijuana in November 2023. According to the initiative, licensed sales were to begin on Aug. 6, 2024.
Individuals aged 21 years of age and older can possess 15 grams of edibles or extracts and no more than 2.5 ounces of marijuana.
The Division of Cannabis Control revealed that dispensaries had sold almost $54.6 million in recreational marijuana products since they were allowed to sell products to individuals aged 21 and above. Currently, there are 123 licensed dispensaries in the state that can sell both medical and recreational marijuana.
Ohio legalized the medical use of marijuana in 2016 through the senate. Licensed sales of the same started on Jan. 16, 2019.
The adult-use sales covered more than 840,000 units of manufactured products such as beverages, vapes and edibles as well as more than 6,100 pounds of plant material. While regulators don’t track purchases made by buyers from other states, the data shows that Cincinnati is a top stop for consumers in Indiana and Kentucky.
While this boom in sales is significant progress for the state, the cost of products continues to affect medical cannabis patients, who have raised concerns about prices. As of last week, the average price of manufactured products stood at $30.51 while one ounce of flower was going for $253.20. Operators expect that prices will decrease as supply increases and more dispensaries are opened. The state is already planning to issue additional licenses.
Brian Wingfield, Ohio Cannabis Company owner, revealed that the experience thus far had been positive with the transition from serving just medical patients to serving recreational consumers being smooth. He attributes the smooth transition to the patience of the company’s long-time medical customers as well as great staff, who had helped the business adapt to new demand, he explained.
It should be noted that there are limits on how much an individual can purchase in a single transaction. As per the Division of Cannabis Control, individuals can only purchase an ounce of flower and 10 packages of edibles, which collectively add up to 1,100 milligrams of THC.
In addition, a 10% excise tax is imposed on all recreational cannabis products, with the proceeds being allocated to a substance use fund, municipalities with dispensaries, the social equity and jobs program, and administrative costs. It is important to note that medical patients don’t have to pay the tax.
The seamless way in which recreational sales are being rolled out in Ohio may have had established industry actors such as Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) celebrating this latest market to open to residents who would wish to use recreational marijuana.
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