This story was republished with permission from Crain’s Cleveland Business.
Legal cannabis sales in Ohio totaled more than $77.8 million across the state’s February reporting periods, which includes $55.7 million in adult-use sales and $22.1 million in medical, according to data from the Division of Cannabis Control.
But the more significant number behind that figure is the growing number of average sales per day.
Sales activity tends to be weaker in the middle of the week and stronger around the weekends.
Regardless, according to a Crain’s analysis of DCC data, combined rec and medical sales in February averaged out to more than $2.78 million per day.
That’s nearly as much as the average sales per day recorded in August, which saw the launch of adult-use sales in the state. Total sales that month between Aug. 6 — the first day of adult-use — and Aug. 31 eclipsed $75.6 million.
Prices were significantly higher in August, which means dispensaries sold more product in the past month to reach these recent numbers.
This activity also follows a strong January for the industry. Across reporting periods that month, which spanned 35 business days (Dec. 29 through Feb. 1), total cannabis sales surpassed $93 million, or about $2.66 million per day.
Based on this sales activity, the industry seems to be stretching its legs as awareness grows and more licensed retailers come online.
There are currently 135 dual-use dispensaries open in the state, and 83 more have provisional licenses (provisional licenses are a step toward securing a certificate of operation, which a retailer needs before selling products to the public).
In terms of retail costs, during the first week of adult-use sales in August, the average price of cannabis flower was $26.59 per one-tenth of an ounce and $9.40 per gram, according to DCC. Manufactured products cost an average of $31.06.
As of the last week of February, however, prices on average for cannabis flower stood at $19.81 per one-tenth of an ounce — a 25% decrease since early August — and $7 per gram, according to DCC. Manufactured products cost $28.46 on average.
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