The startling statistics from the first week of recreational marijuana sales in the state were recently released by the Ohio Division of Cannabis Control. Dispensaries throughout the Buckeye State made an astounding $11.5 million in just five days, demonstrating the growing demand for legal cannabis.
Ohioans who are at least 21 years old jumped at the chance to buy cannabis products; over 173,000 other products, including edibles and vaporizers, and 1,285 pounds of flower, flew off the shelves. The state’s finances have benefited greatly from this spike in sales.
The Department of Taxation receives a portion of all marijuana sales proceeds under Ohio’s cannabis laws, and purchases are subject to an additional sales tax. In less than a week, the state has received over $1.8 million in revenue from these taxes combined.
The cannabis market’s success in Ohio is consistent with patterns seen in other states where marijuana use for recreational purposes has been authorized. When Colorado, the state that pioneered legalization, first opened its dispensaries in 2014, it saw a comparable spike in sales and tax revenue. Ohio’s neighboring states, Illinois and Michigan, also saw significant revenue growth in the first few weeks of legal cannabis sales.
Customers’ excitement was another indication of the benefits of legalization. Longtime supporter of cannabis legalization, Ohio State Representative Jamie Callender, created history by acquiring the state’s first legal marijuana flower. The public’s overwhelming response and his excitement highlight how important this milestone is.
“What a successful opening day,” Jamie Callender said, “this is definitely a piece of history,” He added in a video posted to X.
The state of Ohio and its economy have advanced significantly with the legalization of marijuana for recreational use. The significant amount of money made in the first week of sales shows that the cannabis industry has room to grow and succeed.
