According to a Marijuana Business Daily preliminary analysis, Ohio medical marijuana sales could reach $400 million two or three years after its implementation, Cleveland.com reports. The analysis estimates the low-end figure at $200 million.
The state would see about $23 million in sales tax revenues if the market reaches the high-end figure.
“Ohio would definitely be a powerhouse in the industry and a lot of that is because of the state’s population and the inclusion of pain on the medical conditions list,” Chris Walsh, editorial director of the trade publication, said in the report.
The figures are based on the qualifying conditions included in the program, and sales in other states with similar legislation. In states which include chronic pain as a qualifying condition, between 1 and 2 percent of the population register for the program. In Ohio, that could mean between 116,000 and 232,000 people. In Colorado, which has about half the population of Ohio, medical marijuana sales totaled $408 million in 2015. About 2 percent of Colorado’s residents are enrolled in the medical marijuana program.
Under the Ohio law, about 20 conditions qualify for medical cannabis use. While the law takes effect Sept. 8, it is not expected to rollout until Sept. 2018.
Get daily cannabis business news updates. Subscribe