Ohio's Potential Cannabis Goldmine: $400M In Annual Tax Revenue And Thousands Of Jobs

News that Ohioans will decide on legalizing adult-use cannabis at the ballot box this coming November has provoked a mini earthquake across the country. Why such a response? 

What Happens In Ohio…Bellwether State?

Pundits have said for years that no presidential candidate has won an election without winning Ohio, except for 2020.

Nevertheless, when it comes to cannabis legalization, Ohio has been all in for over a decade. The complicated journey to get the issue on the ballot is finally over. Secretary of State Frank LaRose determined that the Coalition to Regulate Marijuana Like Alcohol (CTRMLA) had submitted 127,772 valid signatures, enough to put the question before voters on Nov. 7.

Significance Can't Be 'Overstated'

Brian Vicente, founding partner at Vicente LLP, a cannabis law firm with roots in drug policy reform, called Ohio's pending legalization vote significant.

“The significance of Ohio’s pending vote on legalization cannot be overstated. Ohio has long been considered the political bellwether for the country,” Vicente told Benzinga. “If Ohio supports this measure, it’s only a matter of time before the rest of the country joins the over two dozen states with adult-use legalization.”

Economic Impact

An Ohio State University analysis suggests that legal cannabis could potentially generate between $276.2 million and $403.6 million in annual tax revenue. Then there are the thousands of jobs.

“As a Buckeye-state native and barred attorney in Ohio, I recognize the large economic impact legalization will have in this great state," continued Vicente. "We’re looking at tens of thousands of new jobs—both directly in the legalization industry and in associated fields like law, real estate, and compliance. As a state transitioning out of a Rust Belt economy, Ohio is looking at a huge economic benefit if voters support legalization.”

Social Equity Could Use Some Tweaking

Stephen Post, senior communications associate at the Last Prisoner Project pointed out that Ohio’s program does not include provisions for automatic resentencing or expungement for those harmed by a cannabis conviction.

“However, the text does state that it would, ‘study and fund judicial and criminal justice reform including bail, parole, sentencing reform, expungement and sealing of records, legal aid, and community policing related to marijuana,’” Post said. 

The recent passage of a major criminal justice reform bill allows for expungement of low-level cannabis offenses in Ohio. Post urges Ohioans to pressure authorities to get that ball rolling.

"Meanwhile, Governor Mike DeWine already has the clemency power to enact this relief for Ohioans, and it's important for the public to urge him to do so,” Post said.

Let's talk more about Ohio and the cannabis legalization landscape at the upcoming  Benzinga Cannabis Capital Conference Chicago on Sept 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.