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Ohio’s medical marijuana companies are gearing up to enter the legal recreational cannabis market following recent regulatory approvals.
Dual-use applications for existing medical marijuana dispensaries that want to sell recreational cannabis products should be available by June 7, according to Jamie Crawford, spokesperson for the Ohio Department of Commerce.
"Given the foundation already laid through the Medical Marijuana Control Program, current medical permit holders positioned to apply for dual-use status who have already undergone many of the comprehensive checks are anticipated to have a much quicker turnaround for issuance of licenses over the summer," Crawford said.
Companies exclusively seeking to sell recreational marijuana will have separate application opportunities.
Green Thumb Industries (OTC:GTBIF), PharmaCann and the Cannabist Company (OTC:CBSTF) are among key players ready to apply. The DEA’s plan to reclassify marijuana as a Schedule III drug will also reduce tax burdens for these businesses, potentially lowering prices for consumers and attracting more industry participants.
Green Thumb plans to apply for dual-use licenses as soon as registration is open.
"When Issue 2 passed, Green Thumb immediately began preparations for increased demand with the launch of adult-use sales, such as expanding our cultivation and processing facility and hiring additional retail team members," Dan Shaker, GTI's commercial manager for Ohio told Signal Cleveland.
Shaker also advised medical marijuana users not to let their cards expire so they can avoid paying the 10% state tax.
PharmaCann's CEO Brett Novey was a speaker at the April Benzinga Cannabis Capital Conference in Florida, where he said, "We're really excited; we've just started the recreational side of our business in New York. And then now we're also looking forward to Ohio. We expect that to transition in June."
If you missed the Florida conference, now is the time to get ready for the upcoming Chicago event. Hear directly from top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference on Oct. 8-9. Get your tickets now before prices go up by following this link.
Ohio's legal recreational marijuana market will significantly cut down on the illicit market, making it easier for Ohioans to access weed without needing a medical card, said Adam Goers, Cannabist senior VP of corporate affairs, reported the Ohio Capital Journal. "We're excited to serve Ohioans that are just looking for a good time or perhaps responsibly as an alternative to alcohol or something to help them sleep."
Ohio’s recreational marijuana allows adults over 21 to smoke, vape and ingest cannabis and to grow up to six plants, with a maximum of 12 per household.
Meanwhile, the DEA is undertaking the process of reclassifying cannabis from a Schedule I to a Schedule III substance, thus acknowledging marijuana’s medical value and changes to its tax status.
"Finally the federal government is acknowledging that cannabis has medical value, something that tens of millions of Americans could tell you," Goers said.
Photo: Shutterstock
