Recreational cannabis sales have been a hit in Ohio since they started on Aug. 6. State citizens voted to legalize the adult-use market in November last year.
As of Oct. 26, Ohio had generated more than US$131 million from non-medical bud, derivatives, edibles and other pot products. The dollar figure was provided by the Ohio Department of Commerce’s Division of Cannabis Control.
As the state’s medical cannabis market only generated about US$79 million during that period, Ohio’s legal sales have more than doubled as a result of the new market opening. Both varieties of cannabis products have been getting less expensive in Ohio recently too.
Ohio currently has 124 medical and adult-use dispensaries. However, not all state residents are enthusiastic about the widespread ganja consumption. Over 100 cities and townships have passed moratoriums banning recreational marijuana sales within their respective territories.
Ohio has imposed a 10 per cent tax on all adult-use weed merchandise. State citizens over 21 are permitted to carry up to 2.5 ounces of flower and 15 grams of extracts. The new legislation also authorizes possession of six personal plants.
HISTORY MADE: 7:04 marks a legal recreational marijuana sale at Sunnyside in Columbia Township Ohio.
The first customer got in line last night at 6:20 for this moment.
“Finally, finally recreational,” he said@wlwt pic.twitter.com/ZwOd2ue2jY
— Danielle Dindak (@danielledindak) August 6, 2024
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Ohio becomes 24th state to legalize adult-use
A total of 38 American states have now legalized cannabis for medical or recreational use.
The cannabis data firm Headset has predicted that Ohio’s weed market could generate up to US$2 billion in sales annually in the years to come.
“When we look at other midwestern markets with similar population sizes like Michigan [10.1M] or Illinois [12.8M] we can see that the Ohio [11.8M] market has potential to be one of the largest in the region and country,” Headset said in the report.
Moreover, Washington’s cannabis analytics firm New Frontier Data has estimated that the state could do even better by the end of the decade with about US$3.9 billion in sales per annum.
New Frontier says about 74 per cent of that sum will come from adult-use buds, derivatives, beverages, blunts and other goods.
rowan@mugglehead.com
