How Much Will Legal Marijuana Pot Cost In Ohio?

How Much Will Legal Marijuana Pot Cost in Ohio? This question is on the minds of many as the state prepares to enter the recreational marijuana business. With taxes adding up to a hefty 15.75%, the final price tag for your legal pot purchase could be significantly higher than expected.

Planning to purchase a legal pot in Ohio? Be prepared for a substantial tax burden compared to everyday grocery items.

1. Expected Price of Legal Marijuana Pot in Ohio:

Consider spending $50 on legal marijuana pot in Ohio. In addition to the standard 5.75% state sales tax, you’ll also face an extra 10% cannabis tax. Consequently, your total expenditure will be at least $57.87, with potential additional local taxes making the price even higher.

2. Current Status of the Ohio Legal Pot Tax Revenue:

Since Ohio has approved the first dual-use recreational marijuana sales licenses. Consequently, tax revenue from recreational marijuana sales will be distributed as follows:

36% to the Cannabis Social Equity and Jobs Fund
36% to the Community Cannabis Fund
25% to substance abuse and addiction prevention programs
3% to the Division of Cannabis Control and Tax Commissioner Fund

3. How will legal pot in Ohio impact minority communities?

The state estimates collecting between $176 and $200 million in revenue from these legal pot sales. Notably, the Cannabis Social Equity and Jobs Fund is a crucial component of this initiative. According to Representative Bride Sweeney, this fund will be instrumental in benefiting minorities who have historically been disadvantaged by the criminalization of marijuana.

“First and foremost, that money set aside will be able to increase that minority participation to actually benefit, make a living, have a good paying job, and be a business owner within this space that has often left behind minorities,” said Rep. Sweeney.

4. Legal Pot in Ohio Addressing Addiction Issues

A portion of the tax revenue from legal pot in Ohio will fund substance abuse and addiction prevention programs. This aims to address the state’s need for more mental health experts. Representative Sweeney expressed concern over the underfunding of addiction treatment programs. She emphasized this point by stating,

“We do not have enough mental health experts in this state, and these dollars can help grow that field.”

5. When Will Legal Pot Be Available in Ohio?

Recreational marijuana sales could commence at any time. While the Division of Cannabis Control has yet to specify an exact date, Representative Sweeney anticipates that sales will begin in Ohio before the legislature’s November session.

Verdict:

This post offers a comprehensive breakdown of the financial implications associated with “How Much Will Legal Marijuana Pot Cost In Ohio?”, While the potential tax revenue is substantial, with plans to fund various social and public health programs, the steep cost for consumers is a significant drawback.

Want to stay updated on the latest developments in Ohio’s marijuana market? Visit mitechnews.com for comprehensive coverage.

FAQs:

1. What is the legal age to purchase pot in Ohio?

The legal age to purchase and consume legal pot in Ohio will be 21 years old, aligning with the age limit for alcohol consumption.

2. Can I grow my own pot in Ohio?

The current legislation regarding legal pot in Ohio does not explicitly address home cultivation. It’s essential to stay updated on regulations as they develop.

3. What types of pot products will be available in Ohio?

The range of pot products available in Ohio will likely include flowers, edibles, concentrates, and topicals. Specific offerings will depend on market demand and regulatory approvals.