Please ensure Javascript is enabled for purposes of website accessibility

Ohio Becomes the Latest State to Report Record Monthly Marijuana Sales

By Eric Volkman – Apr 12, 2020 at 1:41PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

No prizes for guessing why the state's residents were stocking up on weed.

Joining a growing list of states and even countries that have notched new all-time highs for marijuana sales, Ohio hit a new record in March. During the month, almost $13 million worth of product was sold there, according to state data analyzed by Crain's Cleveland Business. It was not apparent how much growth this represented from either the previous month, or from March 2019.

As with other geographies posting peak monthly sales in March, Ohio's new peak is due largely to stay-in-place measures imposed to mitigate the spread of the SARS-CoV-2 coronavirus. The state's sales particularly jumped in mid-month, just before those widely anticipated measures were announced. In fact, the week of March 16 took the crown for highest weekly revenue in the state's history, at $3.8 million.

This pattern implies that users were stocking up in case they were later unable to obtain product. Ohio's dispensaries, however, are still allowed to operate since the state has deemed them to be essential businesses that should remain open.

Ohio road sign with marijuana leaf.

Image source: Getty Images.

Currently, Ohio permits only the consumption and sale of medical marijuana. This is why its sales figures are routinely topped by other states, such as Oregon, that have legalized both medical and recreational cannabis.

Despite the relatively small size of its market, several publicly traded marijuana companies are active in Ohio. One is Green Thumb Industries (GTBIF -13.53%), which is based in the nearby state of Illinois. Green Thumb is well represented in Ohio, with five of its Rise dispensaries scattered within the state.

Green Thumb stock traded flat on Thursday, lagging behind the gains of the broader equities market.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Green Thumb Industries. The Motley Fool has a disclosure policy.

Stocks Mentioned

Green Thumb Industries Stock Quote
Green Thumb Industries
GTBIF
$13.52 (-13.53%) $-2.12

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.