Even when businesses deal with obstacles, the numbers can still be promising. Despite the sale of medical marijuana beginning in Ohio in mid January of this year, the industry has garnered around $1.85 million in two months. This is despite the limitations discussed in a recent post with regards to high prices.
As mentioned previously, prices are more than $450 on average in the state, whereas neighboring Michigan prices their medical marijuana flower at $320 near the border. The state's reciprocity program has driven the trend of Ohio patients traveling across the border to purchase cheaper medical marijuana, despite the legal risks involved.
The numbers demonstrate a strong launch to a market that is expected to net between $300 and $500 million annually. However, numbers also show that while more than 19,000 people have signed up to get medical marijuana, only 28 percent of registered people have visited an Ohio dispensary.
There could be a number of reasons for the low number of patrons at legal dispensaries, including supply equals demand and the market matures. Another reason may be geographical limitations. Though four dispensaries opened initially, the number has gone up to nine recently. However, this is not enough to meet the demands of the big state, which is also why sales may likely be low initially.
Other issues, such as delay in issuing a certificate of operation to a processor until the beginning of this month, have also affected the medical marijuana industry in the state. Regardless of how difficult it is for new operators to get licenses or keep up with the demand, it is important that legal requirements are always kept in mind and not violated. To know what one must do to become a legal operator, it might be beneficial to consult an experienced attorney.