GTII - Record-Breaking Cannabis Sales In Ohio Mask Stagnating Growth Rate: What's Behind The Numbers? | Benzinga
Ohio medical cannabis sales hit a new record with $484.4 million worth of products sold in 2023, according to the Ohio Department of Commerce.
A recent Crain’s analysis highlighted that's an increase of only 1.2% year-over-year, suggesting the market has been stagnant over the period. Even though annual sales had an upward trend since its launch statewide, the annual financial growth rate has been simultaneously dropping, according to the analysis.
Medical cannabis became legal in the Buckeye State in 2016 after then-Gov. John Kasich signed House Bill 523 into law. Sales kicked off in January 2019. In the first year of the state’s medical marijuana program, Ohio faced challenges such as patient dissatisfaction, license delays and high prices, among others. Dollar-wise, revenue surged 297% in 2020.
However, in 2021, 2022, and 2023, year-over-year revenue increases equaled to 72%, 26% and 1%, respectively.
Even though a slowdown in growth trends can be attributed to the market’s maturation, some question it.
"One percent growth in a five-year-old medical market is a major concern, especially when licensees have had to ship 20% ...