Ohio could see up to $403.6 million in annual tax revenue from adult-use marijuana sales if voters approve a legalization measure that could appear on the November ballot, a newly updated analysis projects.
The paper from Ohio State University researchers assesses the potential economic impact of cannabis legalization in the state, providing tax revenue estimates for the first years of sales based on an analysis of comparable state markets.
The analysis focuses on marijuana sales trends in neighboring Michigan because the state has a similar population and because its tax structure largely mirrors what would be implemented in Ohio if the legalization initiative is approved—but it also looks at sales in Colorado, Illinois, Nevada, Oregon, and Washington State from 2018-2023.
This is the second iteration of the report, which has been updated from a version published last year to account for two additional years of cannabis sales in the legal markets. The authors said they decided to revisit the earlier estimates given that it appears likely that Ohio voters will get to decide on legalization at the ballot this year.
What the researchers found is that Ohio stands to generate between $276.2 million to $403.6 million in annual cannabis tax
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