Marijuana sales in Ohio are surging since sales began on Aug. 6 with shops reporting unprecedented — and unexpected — sales volumes from eager Ohioans and a fair share of visitors from neighboring states.
In the first 12 days alone, Ohio's recreational marijuana sales reached over $22.5 million, with medical marijuana contributing an additional $16 million, bringing the total to roughly $38.5 million. In the first five days after the launch, consumers spent over $11.5 million.
Daily Sales Averages: Dramatic Increase
Before 57% of Ohioans voted to fully legalize cannabis in November 2023, medical marijuana (MMJ) dispensaries averaged about $12,740 per day. Now, with recreational sales included, this average has climbed to approximately $27,300 per day — a 114% increase.
MMJ dispensaries now benefit from dual-use licenses allowing them to cater to the recreational market as well. This shift has pushed foot traffic and net sales off the chart, with some businesses reporting daily customer counts five to 10 times higher than usual.
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Welcome Neighbors!
The success of Ohio's marijuana market is also drawing customers from nearby states, especially Indiana, where weed is still illegal. Dispensaries close to the state line, like Theory Wellness in Sherwood, have seen increased traffic from non-residents seeking legal purchases.
"They appreciate having a dispensary that is a lot closer to them than Michigan," Brandon Pollock, CEO of Theory Wellness said of customers from Indiana, reported WTOL11. "They might've been driving an hour and a half to go to Michigan to purchase, but we're the more convenient, legal option."
Multi-State Operators Getting In On The Action
The multi-state operators (MSOs) in Ohio include Verano Holdings Corp (Cboe CA: VRNO) (OTCQX:VRNOF), Florida-based Trulieve Cannabis Corp (OTCQX:TCNNF), the Cannabist Company (under the Columbia Care and gLeaf brands), Curaleaf Holdings Inc (OTCQX: CURLF), Rise Dispensaries, Acreage Holdings Inc (OTCQX: ACRHF) and the cannabis retail chain owned Green Thumb Industries (OTCQX: GTBIF).
Bright Future
As Ohio continues to adjust to the newly legalized recreational market, some estimates anticipate the weed industry could generate $1 billion annually by serving its estimated one million monthly users while also creating 3,300 full-time jobs in the first year.
An Ohio State University analysis suggested earlier this year that legal cannabis could potentially generate between $276.2 million and $403.6 million in annual tax revenue.
Go Buckeyes!
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