Thursday, July 7, 2016
Hawaii Dispensary Alliance predicts huge revenues for marijuana dispensaries
Hawaii’s new medical marijuana dispensaries are in for big business, between $15 million and $20 million in revenues in their first year, according to a recent report from the Hawaii Dispensary Alliance.
The group based its projections on the number of registered patients in Hawaii and pricing statistics from the Marijuana Business Factbook. At the end of May, there were 14,074 registered patients in the state, according to the Department of Health.
This is a significant increase from January 2015, when there were 11,402 registered patients. The jump is due in large part to the DOH awarding the first medical marijuana dispensary licenses.
The report suggested if the growth continues, the state’s dispensaries could make up to $145 million in 2018. However, the group anticipates a more likely revenue estimate of $80.6 million that year.
The report also considered the revenue from the medical marijuana tourism market. If Hawaii was to allow medical marijuana tourism, then visitors to the state would provide between $1.3 million and $58 million in additional revenue.
The dispensaries will not be the sole beneficiaries of the new market, the report concluded. “For every $1 spent in dispensaries, states with established medical marijuana industries report that $3 of additional economic value is injected into the economy at the local level,” it said.