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COLUMBUS – The average adult-use marijuana sales per week in Ohio is averaging around $11.2 million so far in October, according to data from the Ohio Division of Cannabis Control through Oct. 19. That’s a slight improvement over average adult-use sales per week of approximately $10.8 million in September.
Non-medical marijuana sales began in Ohio on Aug. 6. That month, adult-use sales totaled approximately $11 million per week on average.
Medical Cannabis Sales
Meanwhile, medical marijuana sales total approximately $6.8 million per week on average through October so far compared with nearly $7.2 million per week on average in September and $7.9 million per week in August.
In total, there was approximately $44.05 million in adult-use sales in August and $43.07 million in September. Medical sales in those months totaled approximately $31.56 million in August and $28.78 million in September.
All combined, legal cannabis sales across medical and non-medical segments totaled approximately $75.61 million in August and $71.85 million in September.
The expectation among industry operators is that sales activity will continue to trend up as the adult-use market matures and additional cannabis retailers come online, which will happen over time as regulators award so-called 10(B) dispensary licenses.
Prices predicted to Fall
Prices are expected to continue coming down as well, which already is happening.
According to DCC, the average price for marijuana flower in early August was $26.59 per one-tenth of an ounce and $9.40 per gram.
For the week ending Oct. 19, the average price for marijuana flower in the state was $22.06 per one-tenth of an ounce and $7.79 per gram.
According to Headset, a provider of cannabis market data, Ohio has the highest prices for legal marijuana products in the country with an average price per item of approximately $38.90, approximately four times higher than in Michigan.
How Michigan Cannabis Sales Compares to Ohio
After record-breaking Michigan August cannabis sales, September sales plunged nearly 10 percent, the Cannabis Regulatory Agency announced Monday.
By the numbers, September sales were $266.9 million versus $294 million in August, with just 1 percent purchased by medical marijuana patients.
The $266.9 million in September sales is a slight dip from the roughly $275 million sold in September 2023. Part of the reason for the decline is prices are down more than 20 percent from a year ago with the average price per ounce at $76.66, down from $100.14, CRA reports show.
So far in 2024, legal cannabis sales total $2.2 billion. For the full year 2023, sales came in around $3.1 billion. Since cannabis sales were legalized in 2019, about $10 billion in pot has been sold to date in Michigan.
Cannabis Sales Outlook
Headset collects its data from in-market retail partners and estimates that its sample size at this time includes about 35% of Ohio retailers.
Based on a per capita analysis, Headset estimates that Ohio’s combined legal cannabis market could ultimately grow to $2.1 billion in annual sales at maturity. Meanwhile, New Frontier Research, another cannabis research firm, has previously estimated that Ohio’s marijuana market could grow to as much as $3.88 billion in annual sales by 2030, with 74% of that coming from adult-use sales and the remainder coming from medical.
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