Ohio’s entry into the adult-use cannabis market has been nothing short of explosive.

According to the Ohio Division of Cannabis Control (via Cannabis Business Times), dispensaries across the state generated over $11.5 million in sales during the first five days of sales, August 6-10.

See also: Ohio’s adult-use cannabis market takes its first big step

This rapid success suggests that if trends continue, Ohio could be on track for approximately $842 million in annual recreational revenue.

Impressive early sales

Ohio’s medical cannabis market also performed strongly, generating over $8.3 million in sales for the week ending August 10.

Combined with recreational sales, Ohio is expected to generate annual revenue of nearly $1.3 billion in 2020, surpassing Michigan’s first year of recreational sales of $510 million and medical sales of $474 million.

On August 6, the official launch of Ohio’s open-air market, 98 dispensaries began selling, and another 18 received their licenses by August 8.

As of August 14, regulators had granted dual-use certificates to 120 of 134 dispensaries, allowing them to sell cannabis for both medical and recreational purposes.

Major industry players conquer Ohio’s cannabis market

Meanwhile, major cannabis operators have quickly entered the Ohio market to capitalize on it. Ascend Wellness Holdings Inc AAWH began adult-use sales at its Carroll dispensary on August 15, after sales had already begun at its other locations in Cincinnati, Coshocton, Piqua and Sandusky.

“We are thrilled by the enthusiastic response from our local communities,” said Ascend CEO John Hartman in a press release. “We look forward to continuing to monitor the momentum in the state and are proud of the high standards of quality, excellence and care that allow us to meet the needs of returning patients and new customers in this emerging cannabis market.”

Based in Chicago Verano Holdings Corp. VRNOF In addition, the company launched adult-use products at its five Zen Leaf dispensaries and saw a significant increase in customer traffic.

“Customer traffic and transactions have already increased two to three times at all five Zen Leaf dispensaries across the state,” said Veranos COO Travel, McDermott.

Strong consumer demand and price trends

Ohio dispensaries sold 1,285 pounds of recreational flower and 173,043 units of finished products, including edibles and vape cartridges. The average price for a tenth of an ounce of cannabis flower was $26.59, up 19.7% from the previous week’s price for medical-only use.

Looking ahead, Ohio regulators plan to issue approximately 170 additional licenses to new retail dispensaries and 50 licenses to applicants under the social equity program.

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Cover image created with AI.