Why Ohio Stands Out
in the 2024 Cannabis Landscape
Summary
- The Ohio adult-use cannabis market launched on August 6, 2024, making it the only significant cannabis market debut for the year.
- This is a departure from the rapid growth in the past decade, as only Ohio has opened an adult-use market compared to multiple states in previous years.
The year 2024 has been one of the quietest for cannabis market expansions, with the Ohio adult-use retail market launch on August 6 standing as the year’s sole significant development. This marks a noticeable shift from the rapid growth trend that has defined the industry over the past decade.
For comparison, in 2023, three states in the Northeast and Midwest began recreational marijuana sales, while two states in the Deep South introduced medical cannabis markets.
Ohio is now the 21st state in the U.S. to roll out adult-use cannabis sales, following Maryland’s launch in July 2023 and Missouri’s in February 2023. This one-year gap between new adult-use markets is the longest hiatus since regulated recreational sales first began in 2014.
According to Karen O’Keefe, state policies director at the Marijuana Policy Project, limited resources for advocacy campaigns have slowed the progress of legalization in states like New Hampshire, Hawaii, and South Dakota.
Georgia was the last state to open its medical marijuana market in October 2023, following Mississippi’s launch earlier that year in January.
Although fewer states launched new markets in 2024, some, including Florida and New York, have significantly increased the number of cannabis retail licenses issued.
Ohio Cannabis Sales Performance
Ohio’s new adult-use market has already encountered a noteworthy challenge—sales fluctuations that typically occur much later in a market’s lifecycle. Here’s an overview of monthly sales figures up to November, as reported weekly in Ohio’s data releases:
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”1″>Aug. 6-31: $44.1 million
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”2″>Sept. 1-28: $43.1 million
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”3″>Sept. 29-Nov. 2: $56.2 million
- ol]:!pt-0 [&>ol]:!pb-0 [&>ul]:!pt-0 [&>ul]:!pb-0″ value=”4″>Nov. 3-30: $48.0 million
Despite initial enthusiasm, stakeholders believe Ohio’s adult-use cannabis sales have been impacted by competition from Michigan, where lower cannabis prices are attracting Ohio consumers across state lines.
Regulatory Challenges and Retail Pricing in Ohio
Ohio’s adult-use market is still operating under regulations created for its medical program, which includes restrictions such as a ban on pre-rolls—a bestselling product in other markets—and a THC potency cap of 70%.
Sales dipped slightly in November compared to October, with fewer transactions recorded across the state’s 127 dual-licensed retailers. Transaction volume dropped by 13.1%, from 759,500 in October to 659,817 in November.
Retail prices have also declined since the market’s August launch. The cost of a tenth of an ounce, a unique measurement specific to Ohio, fell from $26.59 in August to $21.05 in December—a reduction of 20.8%. Prices for a gram similarly dropped by 20.9%, while costs for processed cannabis products such as edibles and vapes saw a 9.4% decrease.
Industry Feedback on the Market Launch
Retailers, overall, are optimistic about Ohio’s adult-use market rollout. For Curaleaf Holdings, for example, recreational products now make up roughly 50% of its total Ohio sales. Luke Flood, Curaleaf’s senior vice president, noted the company’s strong early performance and its ability to retain medical cannabis customers while attracting new adult-use buyers.
Massachusetts-based operator Insa, which transitioned its medical operation in Willoughby to a dual-use facility, has also reported steady growth. According to Sara Sullivan, vice president of retail development, the company has used a wide range of products to better understand consumer preferences in Ohio. Sullivan noted that the growth trajectory aligns with what they’ve observed in other states with similar market transitions, such as Connecticut.
Ohio’s cannabis market recorded year-over-year sales growth of 93.5% through November, as reported by Seattle-based analytics firm Headset.
Marketing Challenges in Ohio
Ohio’s adult-use market launch was accompanied by strict advertising and marketing restrictions. For example, cannabis retailers have been prohibited from using outdoor music, celebratory decor, unapproved signage, or the term “recreational” in promotional materials.
These limitations affected public awareness during the launch, according to several stakeholders. For instance, regulators issued over $200,000 in fines to five cannabis retailers during August for non-compliance with marketing rules.
Retailers like Curaleaf have focused on enhancing the in-store experience and leveraging word-of-mouth to reach customers, while others, like Sullivan at Insa, described the marketing restrictions as challenging for reaching nonmedical consumers effectively.
Final Thoughts
While there have been notable hurdles, Ohio’s adult-use market has demonstrated early promise. Many industry players remain optimistic that regulatory refinement and increased consumer awareness will result in sustained growth, solidifying Ohio’s position as a key player in the national cannabis industry.
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