Since Ohio officially launched adult-use cannabis sales earlier this month, businesses have already reported multi-millions of dollars in revenues.
In the days between August 06, when adult-use dispensaries opened their doors for the first time, and August 10, $11.5m in sales were reported across the state.
New figures from the Ohio Division of Cannabis Control (DCC) also show that a further $8.3m in medical cannabis sales were generated during the period.
Nearly 100 cannabis dispensaries were given the final green light to open their doors to the public in Ohio after the state regulator, issued a second batch of dual-licenses to dispensaries that day on opening day.
Some stores, like those operated across Ohio by Curaleaf, Acreage Holdings and Ayr Wellness began sales immediately, while other operators began operations in the following days.
The first week saw the sale of 173,043 units of manufactured cannabis products and 1,285 pounds of plant material.
Average prices for plant material rose to $26.59 per 1/10 ounce and $9.40 per gram, reflecting a significant increase from the previous day’s prices, driven by heightened demand in the newly opened recreational market.
A total of 138,466 transactions were recorded in the recreational segment, indicating strong consumer interest.
Ayr Wellness, which opened three adult-use dispensary locations in Woodmere, Goshen and Dayton, said that sales increased by over 200% compared to the medical-only sales average.
Adult-use sales now represent more than two-thirds of AYR’s total Ohio sales, with flower remaining its most popular category.
Curaleaf, which has been operating as a medical cannabis dispensary in Ohio for some time, also began selling adult-use cannabis at its dispensary in Newark, also saw foot traffic and sales double on the first day of adult-use sales.
According to the MSO, beverages and concentrates performed exceptionally well, with over 3x the sales compared to an average day.
The post Ohio Adult-Use Sales Get Off to Flying Start, With $11m Revenues Reported in First Week appeared first on Business of Cannabis.
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