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420 with CNW — Adult-Use Cannabis Sales Could Begin in Ohio by June

The sale of recreational cannabis is on track to commence around mid-June in Ohio following the recent approval of new licensing regulations for dispensaries. Since December 2023, when a voter-approved statute came into effect, the state has been in a state of uncertainty regarding recreational sales.

While individuals 21 years and older were permitted to cultivate and use marijuana at home, the absence of legal avenues for purchase raised concerns about the emergence of a black market, prompting attention from Governor Mike DeWine and certain GOP legislators.

The Joint Committee on Agency Rule Review granted passage to the regulations necessary for a dual-licensing scheme, allowing current medical cannabis dispensaries to expand their offerings to recreational cannabis products. According to Jim Canepa, superintendent of Ohio’s Division of Cannabis Control (DCC), applications for licensing will be accessible by June 7, 2024, in accordance with the stipulations of the new law.

Canepa refrained from speculating on the duration of application approval, citing variable circumstances. However, Ohio Cannabis Coalition spokesman Tom Haren expressed confidence in the readiness of dispensary operators, commending the diligent efforts of the DCC in meeting regulatory deadlines.

The impending rollout of recreational sales has spurred preparations among existing dispensaries, with many expected to pursue dual licenses to accommodate both recreational and medical clientele.

Canepa highlighted the ongoing development of regulatory frameworks, emphasizing the multifaceted approach required for full program implementation by the Sept. 7, 2024, deadline.

Under the new legislation, individuals aged 21 years and older are permitted to purchase and possess up to 2.5 ounces of marijuana, with provisions for home cultivation of up to 6 plants per person or 12 plants per household. A 10% tax will be imposed on sales, with the resultant revenue allocated toward addiction treatment, administrative expenses, municipal dispensaries, social-equity initiatives and employment programs within the marijuana sector.

GOP Representative Jamie Callendar, a proponent of recreational legalization, underscored the efficiency of the regulatory process undertaken by the DCC, contrasting it with previous legislative deliberations. Despite prior contention over proposed amendments to the voter-approved statute, Callendar expressed optimism regarding the viability of the current regulatory framework.

Legislative action may then be required to handle other issues, such as safeguards for business owners, limitations on marketing to minors and child-safety measures. Callendar emphasized the evolving consensus among policymakers, signaling a shift toward acknowledging the program’s potential success.

As Ohio inches closer to legalizing recreational marijuana sales, the collaborative efforts of regulatory bodies and industry stakeholders signal a pragmatic approach toward implementation, fostering cautious optimism among proponents and policymakers alike.

If the recreational marijuana sales kick off as expected in June, there could be opportunities for ancillary entities akin to Innovative Industrial Properties Inc. (NYSE: IIPR) that could also sprout and benefit from serving marijuana businesses in the state.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

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