Ohio Cannabis Business Opportunities
Ohio Has Legalized Adult-Use Cannabis
It’s official: Ohio will become the 24th state to legalize adult-use (recreational) cannabis. On November 7, 2023, voters came out to make their voices heard and came back with a win.
Issue 2 on the 2023 Ohio ballot passed and will legalize the possession, cultivation, distribution, and sale of adult-use cannabis. It will also establish the Division of Marijuana Control to oversee licensing and regulations for operators and testing facilities.
Regulations are planned to take effect 30 days after the election and retail operations are planned to being 9 months after the election. More information will continue to develop into early 2024, but now is the time to get your name into the running for a business license.
Win An Ohio Cannabis License With Our Proven Consultants
The Canna Advisors team has been active in Ohio since legislation was passed in 2016. We’re standing by to help you get a license win.
Now is the time for entrepreneurs and business owners to lay the groundwork to be successful in Ohio. Canna Advisors has assisted clients in 39 states. Those that put in the most preparation submit the best applications.
Contact us today to discuss how we can assist with your Ohio medical marijuana business.
Cannabis Business Guidance in Ohio
With Ohio cannabis expected to become a billion dollar market by 2027, you'll want to get a piece of this next round of licensing. Applications and further regulations are set to be released a short nine months after the law become effective, so the clock is ticking to get your ducks in a row.
While opportunities to win Ohio cannabis licenses are on the horizon, available licenses will be limited and preparation will be key.
Starting your business plan, facility design, and financial model early is essential for success in a market that is expected to be extremely robust and competitive. Canna Advisors’ early work in the state positions our team well to navigate the developing market and advocate for favorable industry conditions. Talk to our cannabis consultants about capitalizing on opportunities in Ohio.
Market Conditions in Ohio
After a year of petitioning by the Coalition to Regulate Marijuana Like Alcohol and a monumental vote on November 7, Ohio voters approved Issue 2 to legalize adult use cannabis. Adults 21 years and older will be permitted to possess 2.5 ounces of flower and up to 15 grams of cannabis extract when the law becomes effective on December 7. Adults will also be allowed to grow up to 6 plants for personal use and up to 12 plants in the household.
In addition to possession and home grow, Issue 2 will also legalize commercial cultivation, processing, and retail sales, which are expected to begin as soon as August 2024. Initial recreational sales will likely begin with current medical operators who will be awarded adult use licenses, but Ohio plans to award licenses to new hopeful operators as well.
The state intends to award up to 50 retail licenses and 40 cultivator licenses, reassessing the limits every 2 years.
Key Dates for Applicants
- June 7: application materials will be released no later than this date.
- September 9: the first provisional licenses will be issued by this date.
The Ohio market is shaped by a dense population and an increasing percentage of residents consuming cannabis. Currently, the medical market hosts about 130 medical dispensaries, 40 cultivators, and 45 processors with 2023 sales projected to reach over $500 million. With the addition of adult use cannabis, Ohio is expected to have one of the fastest growing markets in the United States, projected to surpass $1 billion by 2027.
Ohio Cannabis Industry Projections
Registered medical marijuana patients (2023)
Compounded annual growth rate
Source: "The State of Legal Marijuana Markets" by Arcview Market Research/BDS Analytics, 7th Edition.
A smarter, more strategic approach to Ohio cannabis business licenses
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