Ohio medical marijuana prices are still high but going down as market grows

June 13th, 2019 by admin Leave a reply »

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Ohio’s seed to sale process for producing medical marijuana.
Michael Nyerges, Cincinnati Enquirer

COLUMBUS – As sales of medical marijuana in Ohio approach $10 million, the average price for bud is going down.

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.

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.

Last week, the average sale price was down to $420.20 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.

But don’t expect prices to drop to Michigan levels any time soon.

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.

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

Article source: https://www.cincinnati.com/story/money/2019/06/13/price-medical-marijuana-drops-ohio/1444128001/

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