Ohio’s newly legal medical cannabis market is projected to reach $520 million in 2023 according to a new analysis from BDSA.
On November 9, 2023 Voters took to the polls in Ohio, approving the legalisation of adult use cannabis.
Under the new law, adult use cannabis commercialised, regulated and taxed for adult over the age of 21, who will also be allowed to possess up to 2.5 ounces of cannabis and to cultivate up to six plants in their homes.
While recreational cannabis has only just bene legalised, medical cannabis has been legal in the state since 2016.
Cannabis industry market intelligence orgainsation, BDSA, has now expanded its Retail Sales Tracking and Menu Analytics products to include the Ohio medical cannabis market.
Ohio medical cannabis market
BDSA projects that adult use sales will launch in the state in 2025, and will contribute an estimated $300 million in that year.
AS a result of this first year of sales, BDSA anticipates the market to reach $820 million in 2025 and $1.65 billion by 2027, establishing Ohio as one of the fastest-growing legal cannabis markets in the United States.
Co-founder and chief executive officer of BDSA, Roy Bingham, stated: “In recent years, the Midwest has become a thriving hub for the cannabis industry and Ohio is rapidly emerging as a promising market.
“Ohio’s unique regulatory environment and the increasing acceptance of medical cannabis underline the significance of this market, and BDSA is committed to providing the insights needed to navigate its evolving landscape.”
BDSA has also noted that with Ohio prohibiting the combustion of cannabis flower, the pre-roll category is absent from the current product offerings, while cannabis flower comprises a larger share of the market compared to other medical cannabis markets.
In Q2 2023, flower and vape products dominated the Ohio market, capturing a 51% and 23% dollar market share, respectively. Extracts held a smaller dollar market share, accounting for 4% of sales, in contrast to medical-only states where extracts typically represent 8% of the market share.
