Ohio’s Recreational Marijuana Sales Reach $131 Million in Just Two Months
Ohio has seen a significant surge in recreational marijuana sales since its legalization in November. According to the Ohio Department of Commerce Division of Cannabis Control, the state has generated a total of $131.8 million in revenue from recreational marijuana sales as of October 26.
The state’s recreational marijuana market has been operational since August 6, when it officially launched. Under Ohio law, individuals 21 and older can purchase up to 2.5 ounces of recreational marijuana at licensed dispensaries. The state imposes a 10% tax on all non-medical marijuana transactions.
A study conducted by the Ohio State University Drug Enforcement and Policy Center estimated that the state could generate between $276 million and $403 million in annual tax revenue from legalizing marijuana. The revenue will be allocated to five funds in the state treasury, including the adult use tax fund, the cannabis social equity and jobs fund, and the substance abuse and addiction fund.
As of October 26, Ohioans have purchased 16,254 pounds of recreational plant material and 2,094,864 units of manufactured products. The average price of manufactured sales was $29.21 per unit during the week of October 20-26.
Ohio has a total of 124 dual-use marijuana dispensaries, which are authorized to sell both recreational and medical marijuana. However, more than 100 cities and townships have passed moratoriums banning the sale of recreational marijuana, with some set to expire later this year or next.
In addition to recreational sales, Ohioans 21 and older are also allowed to grow up to six plants per person and 12 plants per residence for personal use. The legalization of marijuana has generated significant revenue for the state and has created new opportunities for businesses and individuals in the industry.
