Sales of medical marijuana in Ohio could reach $400 million, making it one of the largest medical marijuana markets in the country, according to a preliminary analysis by national trade publication Marijuana Business Daily.
The publication estimates Ohio retail dispensary sales could total between $200 million, on the low end, and as much as $400 million two or three years after the state’s new medical marijuana program is up and running.
At the top end, the state would bring in an estimated $23 million in sales tax revenue at the current rate, if the state decided to apply sales tax. The estimates are based on Ohio’s qualifying medical conditions and business regulations and sales in other states.
Chris Walsh, editorial director of Marijuana Business Daily, said the actual revenue will depend on how many patients sign up for the program and what rules and regulations are drafted for businesses and physicians.
“Ohio would definitely be a powerhouse in the industry and a lot of that is because of the state’s population and the inclusion of pain on the medical conditions list,” Walsh said.
Under the new Ohio law, patients with about 20 medical conditions can buy and use marijuana if recommended by an Ohio-licensed physician. The law takes effect Sept. 8, but rules and regulations including how many marijuana cultivation and retail licenses will be awarded won’t be known for months or more.
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