Ohio’s medical cannabis market is expected to reach $520 million this year, according to cannabis industry intelligence firm BDSA, which also anticipates the state’s combined cannabis market will total $820 million in 2025 – the anticipated first year of adult-use sales after voters approved the reforms on Tuesday.
BDSA estimates that by 2027, combined cannabis sales in Ohio will reach $1.65 billion, making the state’s cannabis market “one of the fastest growing” in the U.S. In 2022, Ohio saw a 26% sales growth in medical cannabis sales, the firm said.
In a statement, Roy Bingham, co-founder and CEO of BDSA, said that “In recent years, the Midwest has become a thriving hub for the cannabis industry and Ohio is rapidly emerging as a promising market.”
“Ohio’s unique regulatory environment and the increasing acceptance of medical cannabis underline the significance of this market,” he said.
According to BDSA, in Q2 2023, flower held a 51% market share in Ohio’s medical cannabis space, with vape products holding a 23% market share. Concentrates accounted for 4% of sales, which BDSA notes is half of the 8% market share concentrates holds in other medical-only cannabis states.
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BDSA: Ohio Medical Cannabis Market on Pace to Total $520M This Year