Ohio’s Recreational Marijuana Sales Reach $54.6 Million in First Month
Ohio’s recreational marijuana market has gotten off to a strong start, with dispensaries selling over $54.6 million worth of products in its first month of operation. According to the Division of Cannabis Control, the state’s 123 licensed dispensaries sold nearly 6,179 pounds of flower and over 840,000 units of manufactured products, such as edibles and vapes.
The sales figures are a significant milestone for Ohio’s cannabis industry, which has been growing rapidly since the state legalized recreational marijuana use in November. Despite some initial concerns about prices, operators are optimistic that prices will continue to drop as more dispensaries come online and supply increases.
Medical marijuana patients, who were already wary of the recreational program, have expressed frustration about prices since the adult-use market took off. An ounce of flower currently costs an average of $253.20, while the average sale of manufactured products is $30.51. However, operators believe that prices will decrease as the market becomes more competitive.
Ohio Cannabis Company owner Brian Wingfield said that the transition from serving medical patients to including recreational customers has been smoother than expected, thanks to the patience and support of long-time medical customers.
Ohio residents can purchase up to 2.5 ounces of cannabis and 15 grams of extracts or edibles, but there are limits on what can be bought in one transaction. The state has set caps on the amount of products that can be purchased, including one ounce of flower, 10 units of oil to vape, and 10 packages of edibles.
Recreational marijuana products are subject to a 10% excise tax, which goes towards the state’s social equity and jobs program, municipalities with dispensaries, a substance use fund, and administrative costs. Medical marijuana patients, on the other hand, do not have to pay the tax.
As the market continues to evolve, Ohio residents can expect to see more products become available, including pre-rolled joints and concentrates with higher THC levels. With the state’s recreational marijuana sales reaching new heights, it’s clear that Ohio is quickly becoming a major player in the national cannabis market.
