Sales of medical cannabis in Ohio has the potential to generate up to $400 million, making it one of the largest medical cannabis markets in the United States, according to a report by Marijuana Business Daily. The publication projects Ohio retail dispensary sales could range between at least $200 million and as high as $400 million, depending on once the state’s new medical cannabis program is up and running within the next couple of years.
It is estimated that the states are going to generate $23 million in sales tax revenue. The projections are based on Ohio’s qualifying medical conditions as well as business regulations and sales in other states. Chris Walsh, editorial director of Marijuana Business Daily, stated that the actual revenue is going to depend on how many patients register for the program as well as what rules are regulations are written up 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 stated.
Under the new Ohio law, there are a list of twenty medical conditions that allow patients to have access to cannabis if it is prescribed to them by a doctor from Ohio. The law is going to go into effect on September 8th, however, rules and regulations including how cannabis growth and retail licenses are going to be distributed will not be known for at least a few months.
Ohio’s medical conditions list includes chronic, severe or intractable pain. In states that list pain as a condition, such as Colorado and Michigan, between one and two percent of the overall population register for the medical cannabis program. In Ohio, that would be between approximately 116,000 and 232,000 people. Colorado is close to the two percent mark and has about half the population of Ohio. Medical cannabis sales there generated $408 million in 2015 and recreational sales added up to $587.8 million.
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