After what’s been a slow couple of years, Ohio could come close to $400 million in medical marijuana sales in 2021 — a sizable increase from the approximately $228 million in product sales last year.
As of July 12, dispensaries have sold more than $471 million in marijuana products through the duration of Ohio’s Medical Marijuana Control Program.
The first marijuana sales commenced in January 2019. There was approximately $56 million in sales that year and $228 million in 2020.
Ohio has tallied about $187 million in sales through roughly the mid-point of this year, according to state data. That puts the market on pace for approximately $374 million in sales in 2021 at this rate.
A spring analysis by Marijuana Business Daily projects Ohio’s market could reach between $350 million and $425 million this year. And officials from Illinois-based multistate operator Cresco Labs told the publication they suspect this market could reach $400 million in sales.
Indeed, Ohio’s medical program is beginning to hit its stride, and there’s potential for even greater sales in the future.
The state is looking to more than double the number of licensed dispensaries to 130, though those facilities are not expected to come online until next year at the earliest.
The state is still finalizing the details for its request for proposals that aspiring dispensary operators will fill out in order to be considered for one of the finite licenses, which are expected to be awarded through a lottery for qualified applicants. The maximum number of dispensaries any one entity can operate in the state will remain at five.
Meanwhile, a couple of Ohio lawmakers are preparing to introduce a bill that would legalize recreational marijuana in the state.
That bill has four key components. They provide for decriminalization; establishment of a 10% marijuana excise tax; commerce and licensing