Cuyahoga Falls, Ohio (WFCN) –
Several out-of-state dealers were surprised by the first week’s sales of adult-use recreational marijuana in Ohio, which far above their expectations.
Sales of recreational marijuana totaled over 1,200 pounds in the first week, with over $11 million in revenue, according to the Ohio Division of Cannabis.
On the 5th and 6th of August, stores in the state sold an average of $12,000 to nearly $34,000 worth of cannabis, a 270% increase from the previous day. This data comes from Headset Data, which compiles information from various cannabis retailers around the nation.
Ohio’s recreational cannabis sales have been met with tremendous enthusiasm, and we couldn’t be happier about it. Upon opening the first four locations, we noticed an immediate increase in revenue that was three times higher than our prior sales, and in some instances, much higher.
Ascend Wellness Holdings’ Kathleen Olivastro, senior vice president of retail, expressed the company’s anticipation of the positive momentum that has been building as a result of their efforts to assist customers.
SEE MORE –
Northeast Ohio Approves Three Locations for Recreational Marijuana Growth and Processing
Bluetooth Headset Furthermore, statistics show that recreational marijuana sales in Ohio have surpassed medicinal marijuana sales by a wide margin, accounting for 68% of all legal marijuana sales.
Steven Delich, a VP of retail for Curaleaf’s regional offices in Cuyahoga Falls and Newark, states that the figures reflect their actual experiences.
According to Newark, that is correct. According to Delich, an average of 67% of sales in that area are for adult use, whereas a somewhat higher percentage of sales in Cuyahoga Falls, Akron are for medical purposes.
Because they began selling adult-use recreational marijuana on August 7, a day after many other stores in the state did, their Cuyahoga Falls dispensary saw a different set of figures.
When it comes to the first week of sales, our first day of sales was out of this world, and it keeps getting better for our business. “We nearly doubled our daily average in foot sales and net sales on day one,” Delich added.
In response to FOX 8’s question about the first week of recreational cannabis sales, the Division of Cannabis Control announced:
The Division of Cannabis Control has been keeping a careful eye on the initial days of non-medical sales, and they are really pleased by how serious and quick the industry has been in fulfilling the conditions to take part in these sales.
The Division has put in a lot of time and effort since voters approved Issue 2 last November, and that’s why the rollout was completed ahead of schedule, on September 7th. For the foreseeable future, the Division will keep the regulation and sale of cannabis, for medicinal and recreational purposes, in Ohio as its first and foremost concern.
According to Delich, there is tremendous room for expansion in Ohio, where the business is still in its early stages, because the state is the seventh biggest in the nation.
The prospect of the Ohio market to surpass $2 billion is something that Delich expressed excitement about.