One day after Ohio’s historic vote to legalize adult-use cannabis on Tuesday, the state Department of Commerce (DOC) released an FAQ guide to answer basic questions about the new program.
In a Wednesday press release, the DOC noted that recreational marijuana sales will begin within nine months of the law’s enactment, and the initiated statute becomes effective 30 days after the Nov. 7 election. It also points out that the statute “may be amended by the state legislature,” which could “impact the timeline for the rulemaking and licensing process.”
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Here is a summary the pertinent info released by the DOC:
Effective Date And Timeline For Retail Sales
Certain provisions of the law will take effect within 30 days, including the legalization of possession of up to 2.5 ounces of marijuana and home cultivation of up to six plants. However, recreational sales will not begin until licenses are issued and facilities are certified.
“Non-medical cannabis will not be immediately available to purchase in dispensaries and the general public at this moment is not permitted in dispensaries unless the individual is a registered patient or caregiver in the Ohio Medical Marijuana Control Program (MMCP). There are currently no entities licensed to sell non-medical cannabis in the state of Ohio,” per the DOC.
Revenue Projections And Uses Of Tax Money
Based on the 10% tax on recreational marijuana sales, Ohio’s legal cannabis market is expected to reach $300 million in 2025, according to a report released Wednesday by BDSA, a provider of market intelligence for the cannabis industry.
The DOC addressed how the revenue will be used. “The excise tax revenue will go toward a social equity and jobs program, mental health and addiction services, local governments, and the administrative costs of the Ohio Department of Taxation and the Division of Cannabis Control.”
Who Will Be Eligible To Sell Recreational Marijuana?
Existing medical cannabis businesses will have a head start in the recreational market. After that, regulators will be required to issue 40 recreational cultivator licenses and 50 adult-use retailer licenses, with a preference for applicants who participate in the cannabis social equity and jobs program.
The DOC also pointed out that individuals are not allowed to buy marijuana in other states and bring it into Ohio.
Impact On Ohio’s Medical Marijuana Program
The DOC says that the Medical Marijuana Program will continue to operate as usual. However, all medical marijuana responsibilities will be consolidated within the Department of Commerce on January 1, 2024.
Read more details HERE
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Image and article originally from www.benzinga.com. Read the original article here.