Ohio cannabis sales picked up slightly in the first half of October
This story was republished with permission from Crain’s Cleveland Business.
Midway through October, the pace of adult-use cannabis sales in Ohio is trending flat to slightly up while medical sales are trending flat to slightly down.
Average adult-use marijuana sales per week in the state total approximately $11.2 million so far in October, according to data from the Ohio Division of Cannabis Control through Oct. 19.
That’s a slight improvement over average adult-use sales per week of approximately $10.8 million in September.
Non-medical marijuana sales began in Ohio on Aug. 6. That month, adult-use sales totaled approximately $11 million per week on average.
Meanwhile, medical marijuana sales total approximately $6.8 million per week on average through October so far compared with nearly $7.2 million per week on average in September and $7.9 million per week in August.
In total, there was approximately $44.05 million in adult-use sales in August and $43.07 million in September. Medical sales in those months totaled approximately $31.56 million in August and $28.78 million in September.
All combined, legal cannabis sales across medical and non-medical segments totaled approximately $75.61 million in August and $71.85 million in September.
The expectation among industry operators is that sales activity will continue to trend up as the adult-use market matures and additional cannabis retailers come online, which will happen over time as regulators award so-called 10(B) dispensary licenses.
Prices are expected to continue coming down as well, which already is happening.
According to DCC, the average price for marijuana flower in early August was $26.59 per one-tenth of an ounce and $9.40 per gram.
For the week ending Oct. 19, the average price for marijuana flower in the state was $22.06 per one-tenth of an ounce and $7.79 per gram.
According to Headset, a provider of cannabis market data, Ohio has the highest prices for legal marijuana products in the country with an average price per item of approximately $38.90.
Headset collects its data from in-market retail partners and estimates that its sample size at this time includes about 35% of Ohio retailers.
Based on a per capita analysis, Headset estimates that Ohio’s combined legal cannabis market could ultimately grow to $2.1 billion in annual sales at maturity. Meanwhile, New Frontier Research, another cannabis research firm, has previously estimated that Ohio’s marijuana market could grow to as much as $3.88 billion in annual sales by 2030, with 74% of that coming from adult-use sales and the remainder coming from medical.
