- Ohio’s Division of Cannabis Control issued the state’s first sales licenses on Tuesday, allowing 98 dispensaries to open for recreational and medical customers
- MJBizDaily estimates the state will see US$1.5 billion-US$2 billion in cannabis sales in year one, and up to US$3.5 billion-US$4 billion in year four
- Canadian stocks active in Ohio include Ascend Wellness, The Cannabis Company, Acreage Holdings, AYR Wellness, Trulieve and Cresco Labs
Ohio’s Division of Cannabis Control issued the state’s first sales licenses on Tuesday, allowing 98 dispensaries to open for recreational and medical customers.
The news follows a 52.9 per cent vote in favour of recreational sales in November, allowing Ohioans 21 and older to possess up to 2.5 ounces of flower and 15 grams of edibles or extracts.
According to data from BDSA, the state’s cannabis market is estimated to generate about US$820 million over the next year, and more than double to US$1.67 billion in 2027. MJBizDaily is more optimistic in its projections, envisioning US$1.5 billion-US$2 billion in sales in year one and US$3.5 billion-US$4 billion in year four.
Ohio becomes the 24st U.S. state to establish a legal recreational market, prompting numerous Canadian cannabis stocks to highlight the benefits to their Ohio-based operations:
- Ascend Wellness operates five dispensaries across the state, which can now serve non-medical customers.
- The Cannabist Company also operates five dispensaries in the state and plans to open at least three more, leveraging nearly 120,000 square feet of cultivation and manufacturing space.
- Curaleaf, market capitalization C$3.46 billion, will enter the Ohio market with a new dispensary that opens Tuesday, complementing its products’ widespread availability from third-party stores across the state.
- Acreage Holdings expects its Ohio-based revenue to double by 2025, surpassing US$100 million.
- AYR Wellness and Trulieve each expect enhanced sales from their three dispensaries in the state.
- Cresco Labs, for its part, intends to expand from five to eight Sunnyside-branded stores, which are twice as productive as the state average.
An additional 36 dispensaries have applied for dual-use recreational and medical licenses and could open for business, pending regulatory approval, as soon as next week.
Join the discussion: Find out what everybody’s saying about these cannabis stocks on the Ascend Wellness Inc., The Cannabist Company Inc., Acreage Holdings Inc., AYR Wellness Inc., Trulieve Cannabis Corp. and Cresco Labs Inc. Bullboards, and check out the rest of Stockhouse’s stock forums and message boards.
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