Ohio Receives Out-of-State Investments for Medical Marijuana
Updated: Aug 20, 2021
Significant investments and synergies with nationally-owned cannabis businesses are beginning to move into Ohio. According to the AP, TILT Holdings Inc., a leading provider of products and services to businesses operating in the cannabis industry, announced they had closed a $3 million loan to Standard Farms Ohio LLC "to work together in the rapidly growing Ohio medical marijuana market."
Standard Farms will be located in Garfield Heights, and currently owns a provisional processor permit for their 10,000 sq. ft. processing facility. Bringing experience they honed from their Pennsylvania operations, the facility in Ohio is expected to be operational in late 2019: "Standard Farms anticipates providing clean and pure medical marijuana products including proprietary vaporization cartridges, capsules and tinctures."
Ohio is ultimately expected to become one of the largest limited licenses states, with nearly 12 million residents in the State and, based on the current qualifying conditions, includes 3.5 million residents that can qualify for medical marijuana treatment. With 5 additional conditions being considered for medical marijuana treatment in June, including Autism Spectrum Disorder, Opioid Use Disorder, Anxiety Disorder, Depression, and Insomnia, the number of possible patients is expected to grow even further.
According to Arcview Market Research, the Ohio cannabis market is expected to reach an estimated $290 million by 2022. "Ohio is a large and rapidly growing cannabis market and we look forward to increasing our exposure to the Buckeye state through this relationship," said Alex Coleman, Chairman and CEO of TILT.
TILT is actively pursuing similar lending relationships with other operators in Ohio to ensure adequate supply and finished product are available to patients across Ohio."Our mission at Standard Farms is to provide our patients with compassionate care, with the goal of helping them reach a better quality of life," said Kyle Olcott, Director of Formulation and Extraction for Standard Farms. "We are pleased to partner with TILT to provide an exceptional experience to Ohioans and deliver on this mission."
While many patients become weary when they hear of bigger corporations entering Ohio's market, due to the status of Ohio's current program it should be viewed optimistically and enthusiastically that experienced individuals will be joining Ohio's market. At the end of the day, experience ultimately leads to higher quality products for lower prices. Especially considering a majority of patients want to avoid smoking or vaping their medicine, the introduction of more processors will only be beneficial for patients across Ohio.
For all of the delays and hiccups Ohio has had along the way in implementing their medical marijuana program, national interest in Ohio's market can help expedite the operational status of Ohio's program. At the very least, the prospect of additional competition in Ohio's cannabis industry bodes well for the patients that are reliant on this program working as the businesses that originally received licenses have been lagging behind in their timelines.
If you are an Ohioan suffering from one of these 21 medical conditions you may be eligible to treat your ailment with medical marijuana, which includes both CBD and THC products, including dry flower.
Click here to learn more about what Ohio Marijuana Card's state-certified medical marijuana doctors can do for you, or give us a call at (1-866-457-5559) and our friendly Patient Support team can walk you through the entire process, and set you up with an appointment.