BDSA Launches Comprehensive Retail Sales Tracking and Menu Analytics for the Ohio Medical Cannabis Market
LOUISVILLE, Colo., Nov. 08, 2023 (GLOBE NEWSWIRE) -- BDSA, the leading provider of market intelligence for the cannabis industry, today announced the expansion of its Retail Sales Tracking and Menu Analytics products to include the Ohio medical cannabis market. This expansion comes as a response to the growing demand and dynamic growth of the Midwest cannabis markets, including Ohio, which experienced 26% sales growth in 2022 and is on track to reach $520 million in sales by the end of this year.
Despite having only a few years of legal sales under its belt, the Ohio cannabis market has exhibited strong early growth that indicates continued expansion for the future. BDSA projects that Ohio will launch adult-use cannabis in 2025, contributing an estimated $300 million in that year alone. As a result, the total legal cannabis market in Ohio is anticipated to surge to $820 million in 2025 and an impressive $1.65 billion in 2027, establishing Ohio as one of the fastest-growing legal cannabis markets in the United States.
“In recent years, the Midwest has become a thriving hub for the cannabis industry and Ohio is rapidly emerging as a promising market,” said Roy Bingham, co-founder and chief executive officer of BDSA. “Ohio’s unique regulatory environment and the increasing acceptance of medical cannabis underline the significance of this market, and BDSA is committed to providing the insights needed to navigate its evolving landscape.”
The Ohio cannabis market stands out from others due to its prohibition on combusting cannabis flower. As a result, the pre-roll category is absent from the current product offerings, while cannabis flower comprises a larger share of the market compared to other medical cannabis markets. In Q2 2023, flower and vape products dominated the Ohio market, capturing a 51% and 23% dollar market share, respectively. Extracts held a smaller dollar market share, accounting for 4% of sales, in contrast to medical-only states where extracts typically represent 8% of the market share.
BDSA’s Retail Sales Tracking now tracks market performance by state, category, brand, product and attributes across 15 U.S. markets (Ariz., Calif., Colo., Fla., Ill., Mass., Md., Mich., Mo., Nev., N.J., N.Y., Ohio, Ore., and Pa.).
About BDSA
Headquartered in Louisville, Colorado, BDSA helps businesses improve revenues, reduce innovation risk and prioritize investments with accurate and actionable cannabis market intelligence, consumer research and advisory services. The company provides a holistic understanding of the cannabis market by generating insights from point-of-sale data, online retail menus, consumer research and market forecasts. To learn more, please visit bdsa.com.
Media Contact
Katie Jewett
UPRAISE Marketing + PR for BDSA
415-397-7600
bdsa@upraisepr.com
