CLEVELAND — The numbers are in, and in the first week of recreational marijuana sales across the state, it generated over $11.5 million, according to the Ohio Division of Cannabis Control.That number doesn’t include how much the state made of its 10% excise tax that’s added.
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Overall, Ohio dispensaries sold 1,285 pounds of marijuana flower and 173,043 units of other products like vapes and edibles. Ohio Democratic State Representative for the 34th House District, Casey Weinstein, believes the numbers reflect exactly what Ohioans have wanted for years.
“We knew there was going to be a great market here and of course that’s great news for local communities and different parts of the state that are going to receive vital funding,” Weinstein said.
The Ohio Department of Taxation has imposed a 10% excise tax on all adult-use sales. The state generated around $1.05 million in tax revenue of the $11.5 million sold in the first week. The state said those funds will be directly reinvested into communities for job initiatives and substance abuse and addiction services among other things.
“The nice thing about that is it's targeted and a significant percentage of the funds will go back into the communities that are hosting the dispensaries,” Weinstein said. “When you're able to target those funds, that's a really significant benefit.”
If sales stay on track for the year, the state could receive around $75 million in tax revenue.
“Beyond the $75 million projected excise tax, you have sales tax revenues, you have jobs that are being created,” Weinstein said. “You have small businesses that are being created and a new market with products that people are really demanding.”
Medical marijuana sales are continuing across the state, and medical card holders are exempt from paying the extra 10% tax. In the first five days of recreational adult use sales, medical marijuana sales reached upwards of $8 million.
