Victory for Ohio!

Nov 8th, 2023 2:19PM

The key points from the article on MJBizDaily are:

Ohio voters have approved the legalization of the cultivation and sale of recreational marijuana, making it the 24th state in the US to do so.

Around 55.7% of votes were in favor of Issue 2, which supports the legalization.

The adult-use sales of marijuana could total $1.5 billion to $2 billion in the first year after the market launches and $3.5 billion to $4 billion by the fourth year.

The legalization is a significant victory for cannabis advocates, particularly after a similar measure was rejected in Oklahoma earlier in the year.

However, the decision could still face challenges from the state's Republican-dominated General Assembly, which has the power to alter or repeal voter-approved initiatives.

The new legislation will significantly expand access to consumers beyond the existing 180,000 medical marijuana cardholders in Ohio.

Major multistate operators like Acreage Holdings and Cresco Labs have welcomed the passage of adult use in Ohio, anticipating a surge in local customers and out-of-state shoppers.

Adult-use sales will be subject to a 10% excise tax in addition to an existing 5.75% sales tax. A portion of the cannabis tax revenue will be used to create opportunities for disenfranchised applicants.

Despite the approval, several Ohio business organizations, including the Ohio Chamber of Commerce, the Ohio Business Roundtable, and the Ohio Manufacturers Association, opposed Issue 2 due to concerns over workplace safety and drug testing.

The legalization measure also mandates the creation of a state agency to develop and oversee recreational marijuana rules and regulations within nine months.

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