Cannabis is now legal for recreational purposes in Ohio. And it’s creating a big opportunity for publicly traded cannabis companies with operations in the United States.
What’s happening:
- Ohio has launched recreational adult use cannabis sales for the first time ever, allowing licensed producers and retailers in the United States to beginning selling cannabis flower and infused products
By the numbers:
- In the first 5 days of cannabis being recreationally available in Ohio there were more than $11.5M USD in total sales
- Ohio is the 7th largest state by population in the United States of America
- Currently, 98 different dispensaries in Ohio have been approved to sell cannabis for recreational purposes
- There are now 25 states who have approved adult use and recreational cannabis sales
Why it matters:
- The United States still has prohibited adult use cannabis sales on a federal level, opting to allow recreational and medical cannabis to be regulated on a state by state basis which many are expecting to change in the near future
Who is making moves:
- Cresco Labs (CSE: CL) launched adult use cannabis sales in Ohio at multiple locations of their Sunnyside Dispensaries which previously only sold medical cannabis
- Verano Holdings (CBOE: VRNO) launched adult use cannabis sales at their Zen Leaf dispensary locations across the state
- Green Thumb Industries (CSE: GTII) launched adult use cannabis sales at their popular RISE Dispensaries locations throughout Ohio
Going deeper:
- While cannabis regulations in the United States of America have struggled to achieve policy changes at the federal level, the global cannabis opportunity has continued to accelerate with countries such as Germany legalizing cannabis and Uber (NASDAQ: UBER) recently launching cannabis product deliveries through UberEats in Alberta, Canada
