Cincinnati – Ohios medical marijuana market could become among the largest in the country – pumping out up to $400 million in sales and tens of millions of dollars in annual tax revenue, according to an analysis by a national trade publication.
Colorado-based Marijuana Business Daily on Monday unveiled its preliminary estimates of Ohios legal pot market ahead of two conferences the trade publication is planning this week in the Buckeye state.
On Friday the group is hosting its Marijuana Business Crash Course at the Kingsgate Marriott for entrepreneurs and businesses eager to learn more about the emerging legal pot market. The event, which runs from 10 a.m. to 6 p.m., includes workshops and talks from executives and experts on the regulatory and financial climate of the industry.
Medical marijuana becomes legal in Ohio on Sept. 8 – making it the 26th state to legalize the drug. Its a move thats drawing interest of homegrown start-ups and out-of-state firms already part of the multi-billion-dollar industry.
There is a lot of excitement around Ohio, and you definitely have businesses in the more mature medical marijuana states that are looking at Ohio as very fertile ground, said Chris Walsh, editorial director of the Marijuana Business Daily.
The trade publication projects that Ohios medical pot market could generate between $200 million and $400 million annually in retail sales from licensed dispensaries once the industry is established in the state.
Among other factors, the estimate is based on the states population, the number anticipated patients and conditions that will qualify a patient to use medical marijuana, and the average amount spent by pot patients in other states.
Ohios projected revenue range is considerably lower than more established markets such as California, which posted $2.7 billion in medical pot retail sales last year, but the predictions still put Ohio on pace to be a big player in the growing market, Walsh said.
From what we can tell now, this will be one of the larger medical cannabis markets in the country, and particularly in the eastern half of the country, Walsh said. It also has the potential to give Ohios tax coffers a sizable boost at the state and local levels, which will benefit communities across the state.
News Moderator: Katelyn Baker
Full Article: Just How Big Could Ohio’s legal Pot Market Become?
Author: Lisa Bernard-Kuhn
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