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
