Oklahoma’s cannabis industry is running a 3-minute mile.
· More than 2000 dispensaries
· Nearly 6,000 licensed growers
· Over 350,000 cardholding patients (that’s almost 9% of Oklahoma’s entire population!)
In 2019 alone, the Sooner State and amassed nearly $350,000,000 in cannabis sales, generating $54 million in tax revenue.
In June 2020, Oklahomans spent roughly $75 million on legal reefer, and are on pace to spend more than HALF OF A BILLION DOLLARS by the end of this year. Here’s an easy prediction:
By 2025, Cannabis will be a billion-dollar industry in Oklahoma.
The Oklahoma Medical Marijuana Authority (OMMA) is handing out licenses to grow and sell with impunity. Should Oklahoma continue on its enlightened path, our great state stands a chance to become a major player in the industry, nationwide. Oklahoma’s first step to domestic domination: Start with the South:
We are positioned to have a profound influence on the region. Oklahoma, Missouri, Arkansas, Louisiana, and Florida are the only states in the area that have legalized medical marijuana. Here’s where our regional competitors stand:
Missouri: Currently no dispensaries, but plans to have 194 operating dispensaries by the end of 2020.
Arkansas: Plagued by high prices and restrictive laws, it seems Arkansas prefers the Sooner State.
Louisiana: Extremely limiting legislation. Restricted primarily to those with cancer, severe autoimmune conditions, and for those with intractable pain (literally pain that cannot be relieved by anything currently available).
Florida: Sale of flower did not occur until 3 years after voters passed medical marijuana legislation. They now have only 22 licensed corporate entities, and each entity must act as their own grower, processor, and distributor. Now, four years after the legislation passed, Floridians have just been granted access to edible marijuana products.
Our state is at the forefront of an otherwise untapped medical marijuana industry, and legislators continue to be liberty-minded in their attempts to allow out-of-staters to acquire a 90-day license, even if they don’t have one in their home state. The lax laws and low taxes are prompting out-of-state entrepreneurs and established industry leaders to move here in droves.
All of this has us better prepared for the inevitable legalization of nationwide recreational marijuana.
States like California and Colorado have some obvious advantages if the federal government allows interstate marijuana trade. Even so, a continued (relative) lack of regulation would position Oklahoma to eclipse even well-established (i.e., over-regulated) markets.
All this leads me to a bolder prediction:
Upon federal legalization, Oklahoma and its businesses will be #1 in interstate recreational marijuana trade.
Let’s just hope politicians don’t spoil the fun.