Ohio Medical Cannabis Program Growth Accelerates

The Ohio Medical Cannabis program has been slow to develop, as we detailed in February, but data released by the Ohio Medical Marijuana Control Program indicates that the pace of sales has accelerated recently, with weekly sales now in excess of $3 million. Through April 12th, year-to-date sales have been approximately $42 million, suggesting that the annual sales could approach $200 million.

For the first time, the state has released historical sales data by the week back to the April 30, 2019. During the last week of February, the weekly sales crossed the $3 million threshold for first time. It appears that there may have been some stocking up during March, but the pace remains above that level:

Over the past two months, the number of physicians authorized to recommend medical cannabis has remained constant at 590, but the number of patients has expanded since year-end from 78,376 to 94,356, which is driving the growth.

The number of operating cultivators, 20, hasn’t changed since we reviewed the market in February, while the number of dispensaries in operation has increased by two since then to 51. The number of processors has expanded by one to 17.

Exclusive article by Alan Brochstein, CFA
Alan Brochstein, CFA
Based in Houston, Alan leverages his experience as founder of online communities 420 Investor, the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures, he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha, where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter | Facebook | LinkedIn | Email

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