Ohio Cannabis Sales In First Week Exceeding Expectations Despite High Prices - MITechNews (2024)

COLUMBUS – Recreational cannabis sales in Ohio have been legal for a week and business is booming. Sales in Ohio are rivaling some of the top cannabis markets in the country. It’s also attracting customers from nearby states, where recreational marijuana isn’t legal. But prices remain high in comparison to Michigan.

“We’re seeing numbers at dispensaries that rival numbers in established markets like Illinois, that have been up and running for years,” Jason Erkes of Cresco Labs said. “We’re seeing that in the first week in Ohio.”

Cresco Labs owns Sunnyside Dispensary in Cincinnati. Erkes said the demand has been high from Ohioans and out-of-staters.

Ohio Cannabis Sales In First Week Exceeding Expectations Despite High Prices - MITechNews (1)

“We’re seeing a lot of out-of-state licenses when people are checking in,” Erkes said. “A lot of out-of-state license plates in the parking lot. We know that people want access to regulated lab-tested products and they don’t have access to that in those states.”

When Ohio had exclusively a medical program on July 22, the average cost of an ounce of flower was $222.40, according to state data. No more recent state data is available. But prices today appear higher – according toIHeartJane.com, a website to which many Ohio dispensaries upload their menus – from $290 to $420 an ounce. These prices should not pose a threat to Michigan dispensaries, where an ounce of flower typically sells for less than $100.

Anyone from Indiana or Kentucky, where marijuana sales are prohibited, can buy cannabis in Ohio if they’re old enough. But bringing it across state lines is illegal because marijuana is illegal at the federal level.

“Some people are willing to take that risk to get safe products,” Erkes said. “Once they walk out of the dispensary, where they consume it is really on them.”

Erkes said he couldn’t give a specific number or percentage on out-of-state sales and customers, but he’s seen enough to know there’s a market in those states.

The following list of locations was provided by the DCC on Monday morning. You can view a map of all the marijuana dispensaries in Ohio HERE.

AKRON

  • Bloom Medicinals: 737 East North St.
  • Culture Cannabis Club: 1568 E Archwood Ave
  • The Botanist: 46 South Summit Street

ASHTABULA

  • Italian Herbs: 2712 West Prospect Rd.

ATHENS

  • Debbie’s Dispensary: 544 Richland Ave

BEAVERCREEK

  • Trulieve Beavercreek Dispensary: 4370 Tonawanda Trail

BEDFORD

  • Amplify: 22803 Rockside Road

BOWLING GREEN

  • Zen Leaf Bowling Green: 1155 N. Main St.
  • Nectar: 1011 S Main St.

CAMBRIDGE

  • Backroad Wellness: 5748 Glenn Hwy

CANTON

  • The Citizen by Klutc: 401 Cherry Avenue NE
  • The Botanist: 3840 Greentree Ave SW
  • Zen Leaf Canton: 3224 Cleveland Ave. NW
  • Ohio Cannabis Company: 4016 Greentree SW

CHILLICOTHE

  • Sunnyside: 1641 N. Bridge Street

CINCINNATI

  • The Landing Dispensary: 4029 Smith Rd
  • Beyond Hello: 693 Old State Route 74
  • Sunnyside: 5149 Kennedy Ave
  • Zen Leaf Cincinnati: 8420 Vine St.
  • Nectar: 3405 Werk Rd.
  • OPA: 830 Reedy St
  • Verilife: 5431 Ridge Avenue
  • The Forest Cincinnati: 4412 Mt. Carmel Tobasco Rd

CLEVELAND

  • Therapy Medical Cannabis: 13429 Lakewood Heights Blvd
  • The Botanist: 3865 Lakside Avenue East
  • RISE Medical Marijuana Dispensary Cleveland: 1222 Prospect Ave E.
  • The Landing Dispensary: 1978 W 3rd St
  • Shangri-La Dispensary: 4618 Saint Clair Ave

CLEVELAND HEIGHTS

  • Amplify: 1782 Coventry Road

COLUMBUS

  • Bloom Medicinals: 1361 Georgesville Road
  • Amplify: 5304 N. Hamilton
  • Herbal Wellness Center Columbus: 2950 E Main St
  • Terrasana: 656 Grandview Ave
  • The Botanist – Columbus: 115 Vine Street
  • Trulieve Columbus Dispensary High Street: 2950 N. High Street
  • NAR Reserve: 350 E Long St
  • The Landing Dispensary: 724 W Gay St
  • Trulieve Medical Marijuana Dispensary: 8295 Sancus Blvd
  • Verdant Creations: 1243 N. Cassady Avenue

COSCHOCTON

  • Ascend: 23024 County Road 621

CUYAHOGA FALLS

  • FRX Health Of Cuyahoga Falls: 1682 State Road

DAYTON

  • Columbia Care: 333 Wayne Ave
  • AYR Dispensary: 4918 Airway Road
  • Green Releaf Dispensary: 3620 Germantown St.
  • Pure Ohio Wellness: 1875 Needmore Rd.

DELPHOS

  • Shangri-La Dispensary: 215 W 5Th St

EAST LIVERPOOL

  • FRX Health: 1865 Dresden Avenue

ELYRIA

  • FRX Elyria Craft Cannabis Medical Dispensary: 709 Sugar Lane

EUCLID

  • Nectar: 21100 Saint Clair Ave.

FREMONT

  • Terrasana: 1800 E State St

GARFIELD HEIGHTS

  • Terrasana: 10500 Antenucci Blvd. STE 200

GOSHEN

  • AYR Dispensary: 6722 OH-132

HARPSTER

  • Ohio Cannabis Company: 17043 CH 113

HARRISON

  • Queen City Cannabis Medical Dispensary of Suspension Bridge: 10140 Suspension Bridge Rd

HILLSBORO

  • Verilife: 1098 N High Street

HURON

  • Firelands Scientific Dispensary: 2344 University Dr E

JACKSON

  • Herbal Wellness Center: 3 Acy Ave Ste A

JEFFERSONVILLE

  • Debbie’s Dispensary: 1100 McArthur Rd NW Suite 1122

KENT

  • Bliss Ohio: 331 E. Main St.

LAKEWOOD

  • RISE Dispensaries: 11818 Madison Ave
  • RISE Cannabis: 18607 Detroit Ave

LIMA

  • Backroad Wellness: 1503 Harding Hwy

LOGAN

  • Columbia Care: 245 W Main St

LONDON

  • Pure Ohio Wellness: 920 US Hwy 42 NE

LORAIN

  • The Citizen by Klutch: 5152 Grove Ave
  • RISE Medical Marijuana Dispensary Lorain: 1920 Cooper Foster Park Road W

MARENGO

  • Verdant Creations: 876 State Route 61

MARIETTA

  • Columbia Care: 414 Greene St

MARION

  • Sunnyside: 326 James Way

MILFORD

  • Uplift: 401 Rivers Edge Dr

MONROE

  • Columbia Care: 300 N Main St
  • The Landing Dispensary: 1312 Hamilton-Lebanon Rd
  • Shangri-La Dispensary: 211 Brooks Drive
  • Shangri-La Dispensary: 100 Clarence F Warner Dr

MOUNT ORAB

  • Uplift: 101 Mercy Blvd

NEW BOSTON

  • Backroad Wellness: 3210 Rhodes Avenue

NEW PHILADELPHIA

  • Ratio: 1145 W. High Ave.

NEWARK

  • Curaleaf: 150 N 21st St.

NORWOOD

  • Queen City Cannabis Medical Dispensary of Cincinnati: 3764 Montgomery Road

OXFORD

  • Consume Oxford: 3620 Southpointe Pkwy
  • Pure Iconic: 5280 College Corner Pike

PAINESVILLE

  • Bloom Medicinals: 382 Blackbrook Road

PIQUA

  • Ohio Cannabis Company: 8866 County Road 25A N

RAVENNA

  • Supergood: 554 N Chestnut St

RIVERSIDE

  • Zen Leaf Dayton: 5604 Airway Rd.

SANDUSKY

  • OPA: 6019 Milan Rd.
  • The Forest Sandusky, 5020 Milan Road

SEVEN MILE

  • Bloom Medicinals: 403 S. Main St.

SHERWOOD

  • Theory Wellness: 9915 Us-127

SPRINGFIELD

  • Terrasana: 183 Raydo Cir
  • The Forest Dispensary: 1711 W Main Street

STRUTHERS

  • Green Leaf Therapy: 93 S Bridge Street

TOLEDO

  • RISE Dispensary Toledo: 3157 W Sylvania Ave

WAPAKONETA

  • Verilife: 502 N Dixie Hwy

WARREN

  • gLeaf: 2932 Youngstown Rd SE

WAVERLY

  • Southern Ohio Botanicals: 15451 US HWY 23

WICKLIFFE

  • The Botanist: 30133 Euclid Avenue

WINTERSVILLE

  • Sunnyside: 180 Main Street

WOODMERE

  • AYR Dispensary: 27900 Chagrin Boulevard

By Staff Writer|2024-08-14T09:02:29-04:00August 14th, 2024|Featured, Marijuana Business, News|

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FAQs

What is the prediction for the cannabis market? ›

BDSA forecasts sales to grow at a compound annual growth rate (CAGR) of 10% from 2023 to 2028, resulting in a $58 billion market by 2028. The growth of legal cannabis sales has been largely driven by U.S. markets, and particularly fueled by the adult-use channel.

What is the current value of the cannabis market? ›

Per the DCC, California did just $4.9 billion in legal sales in 2022, and was on pace to do far less in 2023. Often mistakenly described in the media as a “$6 billion cannabis market,” California is in fact less than a $5 billion market today (and shrinking).

What is the market potential for cannabis? ›

Ltd. Chicago, March 18, 2024 (GLOBE NEWSWIRE) -- The global cannabis market size is estimated to be valued at USD 27.7 billion in 2022 and is projected to reach USD 82.3 billion by 2027, recording a CAGR of 24.3% in terms of value. Increased legalization has been extremely beneficial to the cannabis industry.

How is the average market price determined for cannabis? ›

In an arm's length transaction, the average market price means the average retail price determined by the wholesale cost of the cannabis or cannabis products sold or transferred to a cannabis retailer, plus a mark-up determined by us.

Why is the cannabis market crashing? ›

It's extremely expensive to open a legal business, thanks to high taxes and expensive regulations, and local bans have meant that a majority of the state is still off-limits to legal businesses even if an entrepreneur did want to pay to set up shop.

Will the cannabis market bounce back? ›

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates.

What cannabis company is worth the most? ›

The Best Cannabis Stocks of August 2024
Company (ticker)Market Capitalization
Trulieve Cannabis (TCNNF)$1.8 billion
Verano Holdings (VRNOF)$1.4 billion
Cresco Labs (CRLBF)$622 million
Glass House Brands (GLASF)$552 million
4 more rows
Jul 1, 2024

What is the cannabis market trend in 2024? ›

As of 2024, the global cannabis market is projected to reach approximately $38.19 billion and is expected to grow at a CAGR of 14.6% between 2024 and 2028.

What is the projection for cannabis sales in the US? ›

Revenue in the Cannabis market in the United States is forecasted to reach US$42.98bn in 2024. The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 2.89%, leading to a market volume of US$49.56bn by 2029.

Does cannabis have a future? ›

Projected Market Growth: The U.S. cannabis market is projected to grow significantly. Retail cannabis sales could reach $53.5 billion by 2027, with adult-use sales growing more rapidly. States like New York are working on finalizing details to launch approved programs, contributing to this growth​​.

What is the target market for cannabis? ›

Medical patients still represent a large number of overall cannabis users, and 18-25 year olds are the largest demographic of consumers. Those 55 and older, however, are one of the faster growing demographics.

What is the best cannabis stock under $10? ›

The best marijuana stocks under $10 in 2024
  • Canopy Growth Corp.
  • Tilray Brands.
  • Aurora Cannabis.
  • Curaleaf.
  • Clever Leaves Holdings.
Apr 3, 2024

What is a good profit margin for cannabis? ›

What is the profit margin for a dispensary? Most estimates put the average profit margin for a dispensary between 10% and 20%. To be sure, the price of wholesale cannabis products fluctuates greatly, constantly altering margins.

What is the pricing strategy of cannabis? ›

A cannabis brand might mention its premium product line in the same breath as its ultra-premium product. Customers see the high price of the ultra-premium product and perceive the premium product as a better deal. This strategy subtly guides customers to the premium product, boosting its sales.

What is the outlook for the cannabis industry in 2024? ›

As of 2024, the global cannabis market is projected to reach approximately $38.19 billion and is expected to grow at a CAGR of 14.6% between 2024 and 2028.

What are the financial projections for cannabis? ›

According to projections from Statista, total revenue from cannabis is expected to reach $39.85 billion in 2024. Statista also projects the cannabis market to reach over $67 billion in revenue by 2028 as the legalization movement surrounding cannabis evolves.

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