Ohio And Mississippi Rake In Big Bucks With Medical Marijuana Sales

Ohio And Mississippi Rake In Big Bucks With Medical Marijuana Sales

Ohio Medical Marijuana Sales Hit $1 Billion

According to data released by the Ohio Medical Marijuana Enforcement Program, sales of medical marijuana (MMJ) have exceeded $1 billion.

According to data, sales to date include "118,978 pounds of plant material and 10,990,809 units of manufactured products."

Since dispensaries began serving patients in April 2019, "total sales reached $1,000,047,483 as of September 18 and then increased by another $8 million over the following week," reported Marijuana Moment.

Data also noted that "nearly 300,000 medical marijuana patients have registered in Ohio since the program's launch under the more limited qualifications prescribed in the state's cannabis law, and about 150,000 of them currently have active referrals and registrations."

Ohio is preparing to double the number of dispensaries early next year. Regulators announced in May that they had selected 70 new licensees through a lottery system.

Advocates are encouraging the legislature to enact a bill allowing doctors to recommend MMJ to patients for whatever conditions they see fit, which would further expand the market. Activists are also positioned to bring recreational marijuana legalization to a vote on next year's ballot.

In May, state officials and cannabis legalization advocates reached a deal to allow the Coalition to Regulate Marijuana Like Alcohol to retain the signatures they’ve already collected while delaying their campaign until 2023.

Mississippi Generates $6 Million From MMJ Licensing Fees

Mississippi is already raking in revenue despite the fact that its medical marijuana program is barely up and running.

According to the Dept of Health website, Mississippi took in nearly $6 million in license and one-time application fees from dispensaries, cultivators, transportation companies, processors and testing operations.

Marijuana Moment noted that there are already 113 licensed dispensaries registered with Mississippi's Dept of Revenue though sales aren't expected to start until November.

So far, the state has already earned $4.52 million in license and application fees for dispensaries. In total, just through licenses and fees, the state has raised $5.785 million. When sales get underway, MMJ will be subjected to a seven percent state sales tax.

Just one week after the program launched, over 1,800 people submitted applications for MMJ cards.

Gov. Tate Reeves (R) signed legislation in February making Mississippi the 37th state to legalize medical marijuana.

Photo: Courtesy Of Add Weed On Unsplash

Posted In: medical marijuanaMississippiOhioCannabisEarningsGovernmentMarkets

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