We look forward to seeing the evolution of Ohio’s market
Ohio is looking to take the region by storm now that Question 2 passed, finally legalizing adult-use cannabis in the buckeye state.
Several large-scale brands in the state had nothing but positive things to say about the passage;
Acreage Holdings (OTCQX:ACRHF)
Today marks a significant turning point for Ohio and for the cannabis industry as a whole. We are incredibly thrilled that the people of Ohio will have even greater access to high-quality, regulated cannabis, and are confident that this result will change lives for the better. Additionally, with stipulations to use marijuana-generated tax revenue to fund a social equity program, the passage of Issue 2 will have a lasting impact on disadvantaged groups in Ohio. This milestone vote is a testament to increased acceptance of cannabis use and the dismantling of long-time stigmas surrounding the plant. Acreage has successfully transitioned to adult-use sales in past new markets and looks forward to providing high-quality cannabis to medical and adult-use Ohio consumers alike.
We are thrilled that Ohio voters have elected to make adult use cannabis a reality in the state. The passage of Issue 2 is a win not just for Ohio but for the cannabis industry overall, as there are now 24 states that have legalized adult use. We look forward to the official regulations as we prepare for the launch of this market. Curaleaf has successfully transitioned several medical markets to adult use and we welcome the opportunity to provide high quality cannabis products to both medical and adult use cannabis consumers in the Buckeye state.
Ayr Wellness (OTCQX:AYRWF)
AYR Wellness congratulates Ohio advocates and voters for coming together to pass Issue 2 on this year’s ballot, legalizing adult-use cannabis in the Buckeye state. Every step towards more widespread legalization reflects the collective efforts of advocates and operators coming together in support of the plant and the people who make up this industry.
Ben Kovler, CEO of Green Thumb Industries
“Today marks another historic moment for the cannabis industry and for Ohio, as voters have chosen to end Prohibition 2.0 in the Buckeye State. This vote is not just about legalization; it’s a recognition that Americans are continuing to embrace cannabis for well-being.
At Green Thumb, we are eager to support the people of Ohio in this next phase of cannabis. Having operated multiple medical dispensaries in Ohio since 2019 and supported several adult-use transitions in other markets, we are excited to serve even more of the community, fostering positive impacts and education around the plant. We celebrate and congratulate Ohio on becoming the 24th state to legalize adult-use cannabis.”
Colin Ferrian, Portfolio Manager at Poseidon Investment Management
“With this legalized industry poised to generate $3-4 billion in sales at maturity within the next 3-5 years, cannabis will provide an estimated $350 million in annual tax income for the state, representing a significant financial boon that can support public services and contribute to the overall economic vitality of Ohio.”
According to Hoodie Analytics, a leading U.S.-based cannabis data and technology firm, here are the retail breakdowns currently in the state.
–Top 5 Best Performing Cannabis Brands in Ohio (from Jan. – Sep. 2023)
- Buckeye Relief → 8.2% of total sales
- Klutch Cannabis → 8% of total sales
- Butterfly Effect (Grow Ohio) → 6.5% of total sales
- Certified Cultivators → 5.2% of total sales
- Firelands Scientific → 4.6% of total sales
–Top 5 Most Popular Medical Cannabis Product Categories (from Jan. – Sep. 2023)
- Flower (buds) → 40.6% of total sales
- Vapes (cartridges) → 12.7% of total sales
- Edibles (soft candy) → 11.5% of total sales
- Specialty vapes → 8.9% of total sales
- Disposable vapes → 3.6% of total sales
We look forward to seeing the evolution of Ohio’s market in the coming years.