Ohio GOP Lawmakers Say Adult-Use Cannabis Sales Rules Could Be Ready In Spring, Promise 'Real Progress'

Author: Jelena Martinovic | January 29, 2024 11:04am

With both chambers of the Ohio legislature scheduled to have one more session each before taking a month off in March, the question of coming up with rules for legal marijuana sales is lingering in the air.

Ohio House Speaker Jason Stephens (R-Kitts Hill) said he is working toward getting something done in the spring, reported WKBN.

 "I'm sure eventually, as with all issues, there will be some sort of legislative action," Rep. Stephens said. “Will it be anything that is a total remake of what was voted on? Absolutely not."

Senate President Matt Huffman (R-Lima) is optimistic about reaching an understanding on the issue of legal marijuana sales within the next month.

"Real progress, no different ideas," Huffman said. "Perhaps different pathways are beginning."

Even though Ohio overwhelmingly voted to legalize adult-use marijuana over two months ago, with the new law taking effect on Dec. 7, recreational marijuana sales have not yet kicked off.

The two competing bills that have been introduced after Issue 2 got the green light, House Bill 86 and House Bill 354, are still advancing through the state legislature and seek to address the issue.

See also: GOP Gov. Mike DeWine Calls On Ohio Lawmakers To Ban Or Strictly Regulate Delta-8 THC Products

Experts On Possibilities And Challenges Of Rec Market

In the meantime, Crain's Cleveland Business Cannabis Summit held last week at Corporate College East in Warrensville Heights, gathered a number of experts who shed light on both possibilities and challenges of the new recreational cannabis industry in the Buckey State, writes Crain’s Cleveland Business’ Scott Suttell.

Tom Haren, partner and cannabis practice chair at Frantz Ward LLP, a leader of the Coalition to Regulate Marijuana Like Alcohol and one of the participants of the event's first panel, said operators in the state "have been hamstrung for years." However, he believes that the recreational cannabis "program is going to be successful," as it will "put the illicit market out of business."

Jared Maloof, CEO of Standard Wellness Holdings LLC, said the medical cannabis industry in Ohio has been "underwhelming." However, he expects the launch of the recreational market would result in strong demand.

This is in line with a recent Crain’s analysis that highlighted that’s an increase of only 1.2% year-over-year, suggesting the market has been stagnant over the period.

Either way, operators like Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), Curaleaf Holdings Inc. (CSE:CURA) (OTCQX:CURLF) and Cresco Labs Inc. (CSE:CL) (OTCQX:CRLBF) (FSE: 6CQ) are not wasting time and are positioning for the new opportunity.

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