Editor’s note: This story was updated June 18 with the correct per-ounce average for marijuana sales during the first week of June. The initial version of this story included inaccurate information provided by the Ohio Department of Commerce.
Ohio’s seed to sale process for producing medical marijuana. Cincinnati Enquirer
Wingfield expects flower prices to go down a little bit more but not too much because growers will need to start selling more plant material for marijuana-infused products as more processors come online. Meanwhile, Wingfield said, Standard Wellness plans to roll out its infused gummy candy at $15 less than its competitor.
Last week, the average sale price was down to $442.16 an ounce. That’s less than the average price reported in March for Pennsylvania, where sales started last year, but more than in Illinois and Michigan, which averaged $207.63 per ounce during a six-month period ending in March.
Prices have been steep as the program gets up and running. For the first two months of sales, prices averaged $471.86 per ounce, according to an Enquirer analysis of Department of Commerce data.
But don’t expect prices to drop to Michigan levels any time soon.
Ohio dispensaries sold $9.68 million of medical marijuana between Jan. 16, when sales began at four dispensaries, and June 8, when 18 dispensaries had opened. That includes 1,181 pounds of dried flower and 12,152 units of tinctures, vaping oils and edibles.
COLUMBUS – As sales of medical marijuana in Ohio approach $10 million, the average price for bud is going down.
Brian Wingfield, owner of Ohio Cannabis Company dispensary in Coshocton, said some growers have recently set lower prices on introductory products or lower-THC strains they plan to discontinue growing.
Prices are coming down in Ohio's new medical marijuana market but they're still too high for many patients.
There is pent-up demand and limited supply – since only 13 of the Ohio’s 56 preliminarily approved dispensaries have received certificates of operation. Many medical marijuana growers aren’t harvesting all their strands yet, either.
Ohio medical marijuana dispensaries sold 54 pounds of product over the last week, state regulators reported Monday.
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“What we’ve seen in every state is prices generally decline as competition sets in and systems roll out,” he said.
On the street, an ounce of marijuana in Ohio in March ranged from $169 for low-quality cannabis to $330.50 for higher quality, according to priceofweed.com, a crowdsourcing site.
The first day of legal Ohio medical marijuana sales, when only four dispensaries were open, the cost for an ounce of medical marijuana averaged $538.79.
Since dispensaries opened in mid-January, prices of Ohio medical marijuana have been steep. (Jacob Hamilton, MLive) Jacob Hamilton
High prices are fairly common at the beginning of any state’s legal marijuana sales – whether they’re for recreational or medical purposes, said Mason Tvert of the Marijuana Policy Project.
Ohio medical marijuana continues to cost over $450 an ounce Since dispensaries opened in mid-January, prices of Ohio medical marijuana have been steep. (Jacob Hamilton, MLive) Jacob Hamilton