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News: Ohio Takes a Step Towards Adult-use Marijuana Legalization.

Published 12:11 AM EST, Wed November 08, 2023

In a landmark decision, Ohio voters have approved the legalization of adult-use marijuana. This marks a significant victory for cannabis advocates and paves the way for what is expected to become a multibillion-dollar market in the Midwest.

 
 

Key points:

  • With about 53% of the votes tallied, Issue 2 was approved by a margin of 55.7% to 44.3%.

  • Ohio is the 24th state to legalize adult-use cannabis.

  • Adult-use sales could total $1.5 billion to $2 billion in the first year after the market launches and $3.5 billion to $4 billion by the fourth year.

  • The law allows adults to possess up to 2.5 ounces of marijuana and up to 15 grams of marijuana concentrates.

  • Home cultivators can grow up to six marijuana plants.

  • Adult-use sales are subject to a 10% excise tax in addition to an existing 5.75% sales tax.

  • A portion of cannabis tax revenue will be earmarked to create opportunities for disenfranchised applicants.

Impact on the industry:

The legalization of adult-use marijuana in Ohio is a major development for the cannabis industry. It is expected to create thousands of new jobs and generate billions of dollars in economic activity. The state’s dispensaries are expected to see a surge in demand, and new businesses are likely to emerge to support the growing industry.


Next steps:

The Ohio legislature will now need to develop rules and regulations for the adult-use marijuana market. These regulations are expected to be finalized within nine months. The first adult-use sales are expected to take place in late 2024 or early 2025.


Source: MJBiz Daily

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