Ohio's Potential $4B Green Rush: Will GOP Lawmakers Throw A Wrench Into The Works?

Zinger Key Points
  • GOP lawmaker including the Governor and president of the Senate have threatened to repeal, change or overturn cannabis vote if it passes.
  • If all goes as planned, Ohio will become the 24th state in the union, plus Washington DC, with legal, adult-use marijuana.

If Ohioans approve legal recreational cannabis on Tuesday, Nov. 7, the new industry would doubtlessly provide a huge boost to the state’s already booming medical marijuana market which, according to MJBizDaily projections, could be worth as much as $4 billion within several years. 

As it stands, sales to the 180,000 Ohioans with medical marijuana cards who buy from the state's 107 dispensaries are expected to reach or exceed $575 million this year alone.

Broad Support For Legal Weed

Polls have shown regular support ranging from 58% to 60% for the legal marijuana initiative, known as Issue 2, as well as a constitutional amendment to enshrine women’s right to choose abortion, Issue 1.

However, in that Issue 2 is an initiative and not an amendment, Ohio’s GOP politicians beginning with Gov. Mike DeWine have gone from calling legalization “a mistake” to threatening to overturn, repeal or alter the legalization measure if it passes, which seems very likely. 

Ohio Senate president Matt Huffman (R) came out against the initiative, also saying it will “get some changes.” He offended many Ohioans when he predicted legal cannabis would provoke a "mental health crisis." And if it does, he added paternalistically, “This initiated statute is coming right back before this body.” 

Read more: GOP Senate Leader Says He'll Alter Ohio Cannabis Vote, Sparks Controversy With Teen Suicide Mention

Meanwhile, Ohio Senator Sherrod Brown (D) announced on X/Twitter that he and his wife, a well-known journalist, had voted “yes” for the cannabis initiative in early voting last week, marking what many Ohioans are calling a societal and political shift toward acceptance of marijuana. Brown, who was undecided about Issue 2 in September, said they voted in favor of Issue 1. 

If all goes as expected, Ohio will become the 24th state in the union, plus Washington DC, to legalize adult-use cannabis.

Issue 2, led by the Coalition To Regulate Marijuana Like Alcohol would legalize, regulate and tax adult-use marijuana in addition to Ohio's current medical cannabis program. 

Read next: Ballots And Bullets: How Ohio's Weed Legalization Vote Might Affect Gun Purchases

Photo: Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CannabisGovernmentNewsRegulationsPoliticsLegalMarketsGeneralcannabis legalization OhioGov DeWineSen. Brown
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Top Cannabis Event In New Jersey

Join the Benzinga Cannabis Market Spotlight in New Jersey on June 17th! Grow your business, raise money and capitalize on the booming NJ recreational market. Don’t miss this must-attend event in New Brunswick. Secure your tickets now. Very few spots are left. Use the code "JAVIER20" for 20% off!


Loading...