Hawaii’s new medical marijuana dispensaries are expected to ring up $12.7 million to $38 million in sales during their first year of business, a report from the Hawaii Dispensary Association predicts.
By 2018, sales could surge to as much as $145 million, according to the association’s report.
The initial sales projections are based on a patient count of 14,074 MMJ patients, with each patient expected to spend $100 to $300 per month.
The association’s projections roughly correlate with those of the 2016 Marijuana Business Factbook, which predicts that Hawaii dispensary sales will range from $15 million to $30 million in the first 12 months of operation.
By 2018, the association predicts that sales will increase exponentially as Hawaii phases out home growing. That change that will likely send many more patients to the dispensary market.
Also by 2018, there will be 40,075 MMJ patients in the state, the report forecasts. That would bring revenue to anywhere from $48.3 million to $145 million, with a “likely target” of $80.6 million. The forecast is based on the same patient spending assumptions.
The 2018 figures do not include medical marijuana patient tourists, which the report predicts could number between 63,000 to 128,000. Based on those numbers, MMJ tourists could inject an additional $1.3 million to $58 million in revenue.
Under Hawaii’s MMJ program, the state is slated to have up to 16 dispensaries scattered among four islands.