Ohio’s recreational marijuana industry is taking off, with sales reaching $76.3 million since recreational cannabis shops officially opened their doors on August 6th. In the first 12 days alone, sales soared to over $22.5 million, with medical marijuana contributing an additional $16 million. Within two months, Ohio’s legal weed market has moved over 8,813 pounds of plant materials and 1.2 million units of manufactured products through the state’s 124 dual-use dispensaries.
Despite Ohio’s promising start, Michigan’s recreational marijuana industry, which launched in 2019, continues to set the pace. In August, Michigan’s total cannabis sales hit a record-breaking $295.4 million, demonstrating the resilience of its market despite Ohio’s entry.
The reason for Michigan’s continued dominance lies in its lower marijuana prices. One Ohioan from a Cleveland suburb told Benzinga, “Frankly, it is still worth it for me to drive to Michigan to buy cannabis. Marijuana prices here [in Ohio] are still much higher than in Michigan. So it’s cheaper even after I pay for gas to drive both ways.”
Zach Gergich, a representative from Nectar, a dispensary in Bowling Green, Ohio, expressed optimism about Ohio’s potential. “We’re five-to-10 times busier here depending on the day,” Gergich told 23ABC. “We’ve been crushing it up here.” While sales numbers are strong, they also show that Ohio weed shops aren’t quite crushing their competitors across the state line.
Ohio’s burgeoning market shows promise, but Michigan’s resilience suggests that overtaking its northern neighbor won’t be easy. However, both states currently seem to have ample demand to meet.
Looking ahead, Gergich anticipates increased competition: “I think it’s only going to get more competitive. We’ll see, you know, more licenses pop up for growers and processors and stuff like that,” he said. “So obviously more there, more of them, you know, prices should start we hopefully should see them fall a little bit and kind of get more competitive in that range.”
The future of Ohio’s recreational marijuana market remains bright, with the potential for growth and increased competition as the industry matures.
