Notable Players

A Deeper Look At This State

Regulatory Framework

License holders cannot change ownership until after a year of cultivation/retail. The initial cultivation licenses issued are limited to 25K sq.ft. and have not yet has been approved for expansion. Regulators recently added chronic pain, Huntington's disease, terminal illness and spasticity to the list of qualifying conditions, which will result in a significant increase in medical-card holding patients.

The state’s Board of Pharmacy approved the licensing of 73 new dispensaries bringing the total to 130 across the state.

Notable Market Activity

March 2021 | AYR Strategies acquires cultivator Parma Wellness Center LLC in a $17MM cash deal

October 2020 | GTI announces a manufacturing sale-leaseback for $32.2MM with IIPR

July 2020 | Verdant Creations sells four of its five dispensaries – in Cincinnati, Chillicothe, Marion and Newark – to Cresco Labs

What's the Play?

With the one-year waiting period expiring and program expansion underway, there has been a flurry of buying activity in the Buckeye State. Further investment is needed to build cultivation and retail, as sales dollars freely flow across the border to Michigan, where both the product and taxes are less expensive.

With only 12 Level I cultivators operational and 73 new dispensaries to be issued, the market has plenty of room for more players. Existing license holders should solidify their market positions and hold on for a fun ride.

Investors have ample opportunity to invest in attractive ROI projects over the next several years as the medical market expands and ultimately transitions to adult-use.

Market Snapshot

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By The Numbers



Medicinal Legalization


Adult-Use Legalization


MMJ Patients


Monthly Revenue


Cultivation Cap

75K Sq.Ft.*

Cultivation Licenses

33/38 (Issued/Limit)

Retail Licenses

52/130 (Issued/Limit)

Retail License Cap per Operator


Vertical Integration



Not Allowed

MMJ Qualifications

Less Restrictive

State Population / # Retail Licenses

Annual Tourists


Accepts Out of State MMJ


MMJ Patients / # Retail Licenses


*Cultivators are licensed as either Level I, limited to 25K sq.ft., and expansions up to 50K sq.ft. or Level II, limited to 3K sq.ft. with expansions up to 6K sq.ft. The department can then approve Level I and II growers for up to 75K sq.ft. and 9K sq.ft. of expansion, respectively.

Top Cultivators

Notable Market Activity

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Proprietary Sharp Capital Advisors data - compiled using various sources including state and local government data
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