COLUMBUS, Ohio (WSYX) — Profits from sales of recreational marijuana are in the tens of millions, the Division of Cannabis Control reports.
As of Dec. 30, sales of recreational marijuana were reported to have exceeded $242 million of the more than $2.2 billion in total product sales, including medical marijuana.
More than 32,000 pounds of non-medical plant material has been sold, and more than 4 million units of non-medical manufactured material has been sold.
Medical marijuana sales began January 14, 2019. According to the Division of Cannabis Control, since then, sales for medical products have exceeded $2 billion.
Non-medical cannabis sales are subject to state and local sales tax. In addition, the initiated statute includes a 10% excise tax on non-medical marijuana purchases.
HOW WILL THAT REVENUE BE DISTRIBUTED?
36% to the Cannabis Social Equity and Jobs Fund: Used for social equity and job initiatives.According to a report from the Ohio State University Moritz College of Law, the social equity provisions within the statute were designed to address past harm of marijuana criminalization by investing in disproportionately impacted communities and encouraging participation of such groups in the new legal cannabis industry.25% to the Substance Abuse and Addiction Fund: Supports substance abuse and addiction services.3% to the Division of Cannabis Control and Tax Commissioner Fund: Supports the operations of the Division of Cannabis Control and covers the tax administration costs.36% to the Host Community Cannabis Fund: Benefits municipal corporations or townships with adult-use dispensaries.
It remains to be seen just how much more marijuana sales might increase by the end of 2025, or if it would remain the same.
Profits from sales of recreational marijuana are in the tens of millions, the Division of Cannabis Control reports. Read More
