Marijuana Business Factbook 2019

141 © Copyright 2020, Marijuana Business Daily , a division of Anne Holland Ventures Inc. You may NOT copy this Factbook, or make public the data and facts contained herein, in part or in whole. For more copies or editorial permissions, contact CustomerService@MJBizDaily.com or call (720) 213-5992, ext. 1. State-By-State: Legal Overview, Market Data and Outlook | Chapter 2 MJBIZDAILY.COM SUMMARY What to watch in 2020 The state’s medical marijuana industry pulled in nearly $60 million in its first year of sales, with increased access to dispensaries and falling prices making up for the market’s sluggish start. Roughly 50% of Ohio’s total medical marijuana sales came in the last quarter of 2019, but it wasn’t enough to drive sales to the heights of other, similar medical cannabis markets that launched in the past couple of years such as Maryland and Pennsylvania. While access to medical marijuana in Ohio was extremely limited at launch—the program kicked off with just five stores that sold only dried cannabis flower—dispensaries continued to open at a steady clip over the course of the year. Looking forward, access will need to continue to improve if Ohio’s medical marijuana market is to reach its full potential. The law currently allows for a maximum of 60 dispensaries in the state. While Ohio isn’t as restrictive as some MMJ markets, such as Minnesota or Delaware, it has a relatively low number of dispensaries on a per-capita basis. Marijuana Business Opportunity Rank for 2020 B Ohio has issued all the allowed cultivator licenses and all but three of the dispensary licenses, although as of press time some of these businesses are still waiting to receive their final certificate of operation. While Ohio’s medical marijuana market has enormous potential given the size of the state and its general business-friendliness, steep licensing fees and low caps on licenses have contributed to high prices—keeping some MMJ patients from participating in the program and curbing growth for existing businesses. Opportunities for new entrepreneurs will likely not materialize until the state legalizes adult-use cannabis, which is unlikely to happen under Gov. Mike DeWine.