Ohio medical marijuana prices are still high but going down as market grows
Jackie BorchardtEditor'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.
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 $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.
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 less than its competitor.
The average price in Michigan was $207.63 per ounce during the time between October and March.
Ohio requires dried marijuana flower be sold in one-tenth ounce amounts. Prices range between $30 and $52 per one-tenth, according to an Enquirer review of menus from four dispensaries around the state.
More:Where are Ohio's medical marijuana dispensaries? Here's a map.
Marijuana-infused products, which first hit the market in April, have yet to go down much in price. A pack of 10 or 11 gummies or a small bottle of tincture costs, on average, $77.
Patients have told the Enquirer that can last anywhere from two to seven days, and it's not covered by insurance. Some dispensaries give discounts up to 20 percent to veterans and individuals receiving federal assistance.
Concentrated oil for vaping, sold in 1 milliliter amounts containing 590 mg THC, costs $175 on average.
So far, only two of the state's 39 processors have product on dispensary shelves. Two others have received permission to start making edibles, oils, tinctures, patches and other products.
Ohio's medical marijuana program allows patients with one of 21 qualifying medical conditions to buy and use marijuana if recommended to them by a state-certified physician.
Of the 35,162 patients who have registered for the program through May. Of those, 57 percent have made a purchase at a dispensary.
Patients told The Enquirer earlier this year there are three main reasons why they have yet to use their cards:
- high prices at dispensaries,
- the distance to the nearest dispensary and
- too few infused products.
Only 18 of the state's 56 licensed dispensaries are open. The first in Southwest Ohio opened May 20.
The Ohio State Board of Pharmacy, which oversees dispensaries, expects more will open in the next four weeks. The agency met with 30 dispensary licensees last week and granted extensions as far out as Sept. 8 – one year after the program was supposed to be "fully operational" by law.
After that date, the board will start the process of revoking licenses from businesses.
More:Inside Ohio's North Coast medical marijuana testing lab