Ohio stands to make millions from legalizing medical marijuana

The money behind medical marijuana
Posted at 6:41 AM, Nov 07, 2017
and last updated 2017-11-07 06:41:13-05

There will soon be medical marijuana growing operations throughout Northeast Ohio. Last week, the state issued the first licenses for small growing facilities and already, Ohio has made more than $2 million.

“Certainly ecstatic, it's a lot of it just because of all the effort,” said Dr. Matthew Noyse.

Noyse was one of 14 applicants approved by the state to grow medical marijuana Friday.

“The buildings are all sufficient, they are all capable of taking on this type of endeavor,” he said.

He was granted a level two permit, meaning he can only grow marijuana in a 1,600 square foot area. Level one permits will be granted in the coming weeks. Level one permit holders will be allowed to grow medical marijuana in a 25,000 square foot space.

Combined, there were 185 applicants for both levels. Multiply that by a $20,000 application fee for level one and a $2,000 application fee for level two, and the state has already made $2.2 million.

Now add that to the cost of an initial license fee - $18,000 for level two growers and $180,000 for level one - and in a matter of months, the state of Ohio will have collected $4.7 million.

It doesn’t stop there, either. There’s an annual license renewal fee – $20,000 for level two and $200,000 for level one. With those fees, Ohio stands to make another $2.6 million every year.