Benzinga | Apr 20, 2021 02:43PM EDT

Ohio To Double Number Of Medical Cannabis Dispensaries In 2022 As Patient Figures Boom

With the growing number of medical cannabis patients in Ohio, the state decided to more than double the number of medical marijuana dispensaries in the following year, reports The (Cincinnati) Enquirer.

The Ohio Board of Pharmacy approved the expansion Monday, enabling companies to apply for 73 new dispensary licenses this summer, bringing the total to 130 across the state.

Applicants are supposed to follow the original rules from 2017, which count security and business plan requirements, the report stated. The businesses would be limited to five dispensary licenses in the state, including the ones already in existence.

The first limit on the number of dispensaries in the state was set to 60 by the pharmacy board in 2017, and was based on a projected patients count of around 12,000 and 24,000 over two years, according to Sharon Maerten-Moore, the board's director of medical marijuana operations.

As per the latest data, there is now a minimum of 92,722 registered patients.

Medical cannabis patients in the Buckeye state complained about high prices and being obliged to travel to find discounts on specific products, reported the outlet.

"We feel that if additional dispensaries are added and patient travel decreases and due to more competition in the market, prices will decrease over time," Maerten-Moore said.

The pharmacy board probably won't start the application process before June.

According to the Marijuana Business Factbook, Ohio medical cannabis sales aren't that affected by limited capacities. Sales are expected to hit $350 to $425 million this year, up from $221.5 million in 2020.

Cannabis companies operating in the state include Jushi Holdings Inc (OTC:JUSHF), Ayr Wellness Inc (OTC:AYRWF), Green Thumb Industries Inc. (OTC:GTBIF) and Body and Mind Inc. (OTC:BMMJ), among others.

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