The first year of legal medical marijuana sales in Ohio has come to an end. The volume of sales may be surprising to some, but not those who are already embroiled in the medical marijuana business. According to the state, 46 dispensaries were opened last year with sales totaling about $56 million. This equates to nearly 7,000 pounds of marijuana sold and more than 280,000 products containing marijuana or its derivatives. More than 50,000 individuals bought medical marijuana in some form in 2019, which may seem like a lot, but that leaves nearly 25,000 individuals who are approved to buy medical marijuana who did not make any purchases.
While the overall sales figures are lower than initial projections, this market still shows enormous potential. Single sales averaged $129, and those who purchased medical marijuana last year spent, on average, more than $1,000 over the course of the year. As acceptance of this new legal reality continues to increase, this industry will likely see exponential growth.
This expansion of the field means enormous opportunities for businesses. Getting into the medical marijuana business early can be crucial to securing a larger market share, which is why businesses looking to enter this arena may want to act quickly. But, as we have continued to discuss on this blog, there are a large number of rules and regulations that cultivators and dispensaries must adhere to in order to maintain the licenses and certificates needed to operate.
Thus, medical marijuana businesses are often knee-deep in legal requirements, from creating the initial business structure that best suits their needs to maintaining compliance with state standards. To best ensure that they do not run afoul of the law and can continue their operations in hopes of seizing on the industry’s growth, those businesses in the medical marijuana field may want to consider working closely with a professional who is well-versed in this area of the law.