Medical marijuana sales in Oklahoma continue to break records

In May 2020, the Oklahoma Tax Authority announced a record-breaking statistic: medical cannabis sales in the state were more than $73 million. This is the first time since California’s medical marijuana market was opened in June 2018 that monthly sales have surpassed one billion dollars.

Between January and June 1, 2020, sales surpassed $275 million. Oklahoma’s medical cannabis sales are anticipated to reach more than $700 million throughout the year, according to industry professionals.

Oklahoma’s high sales numbers can be attributed to a variety of reasons. According to the Centers for Disease Control and Prevention (CDC), Oklahoma’s medical marijuana has more sales per capita than any other state that has legalized the use of medical marijuana.

1. Patients in Arkansas are buying Medical Marijuana in Oklahoma

Oklahoma’s high medical cannabis sales may be attributed to the fact that Arkansas, just across the border, has some of the most expensive medical marijuana in the country. Although the cost of medicines has dropped in recent years, patients in Arkansas still pay twice as much for drugs that are of equal quality and strength as those utilized in Oklahoma. Patients in Arkansas have fewer choices when it comes to treatment alternatives than in Oklahoma, where there are a considerable no. of dispensaries & specialized cannabis products.

Oklahoma also has a unique medical cannabis law that appeals to patients from other states. An Oklahoma visitor permit costs $100.00 for a 30-day period. It has yet to be reviewed, but with other attractions in Oklahoma including a slew of world-class casinos, it may be another draw for patients to visit the state.

It is, nevertheless, against the law to carry medical marijuana across a state line. This is a violation of both state and federal laws. It’s gotten out of hand, to the point that Arkansas Governor Asa Hutchinson issued a January 2020 statement about its severity. The governor of Arkansas was formerly the head of the Drug Enforcement Administration (DEA).

Gov. Asa Hutchinson of Arkansas has reiterated his personal & professional opposition to the use of medical marijuana. In any case, he has followed the wishes of the voters, Cannabis made its debut in the final stage of this development, with a goal to provide comprehensive medical care and make medical marijuana accessible to those who need it.

“I never intended to be governor with the task of implementing medical marijuana dispensing when I was administrator of the Drug Enforcement Administration. Medical marijuana was approved by the voters, and I am dedicated to making it work”

Arkansas lawmakers have a lot of problems with Oklahoma’s 30 days pass for tourists. The bill’s supporters have said the bill encourages Arkansan citizens to risk a felony charge in order to acquire more affordable medical cannabis on the other side of the state line.

2. The number of dispensaries in Oklahoma is higher than anywhere else

The procedure for obtaining a license to run a medical marijuana dispensary is lengthy, complicated, and time-consuming for most businesses. An individual might spend months or even 2-3 years navigating the red tape and regulations involved in the process. These include a background check, criminal history and compliance, required training for certification, state rules, and other limitations.

A cannapreneur in Oklahoma who wishes to establish a dispensary will be permitted to do so.

However, Oklahoma is the exception. There is a licensing fee of $2,500.00 in Oklahoma. A division of the Oklahoma Department of Health is the Oklahoma Medical Marijuana Authority (OMMA). A dispensary owner’s medical marijuana license is processed through OMMA, just as the patient’s license is. Medical marijuana dispensary applications are approved by OMMA in about 90 days. The business owner has 30 days to amend their application if any information is missing or incorrect.

Oklahoma is one of the few medical cannabis legalized states that have not set a cap or limit on dispensary licenses. If a cannapreneur meets the criteria, they will be approved to open a dispensary right now.

To operate a dispensary, the owner must meet stringent residency requirements. If they wish to apply for or renew their Oklahoma driver’s license, The requirement that they have resided in Oklahoma for at least 2 years prior to the date of new application or renewal, or at least 5 years of continuous residency within the previous 25 years is waived if they can show proof of such residence. The majority of dispensaries are required to be owned by Oklahomans (SQ788).

Throughout Oklahoma, there is a legal marijuana dispensary authority that is responsible for handling all the applications for dispensaries. This authority is also responsible for issuing certificates of compliance & regulatory guidelines to companies involved in the medical marijuana industry. In May 2020, the state had issued 2,428 dispensary permits and 6,346 grower registrations. Only medicines manufactured in Oklahoma are permitted to be sold by dispensaries there.

Oklahoma has experienced a dispensary crush with numerous dispensaries opening in nearly each vacant commercial property throughout the state. Oklahoma’s real estate market is cheap, making it appealing for medical marijuana firms & cannapreneurs to establish operations.

3. Oklahoma is an affordable state for medical marijuana

According to data from the US Census, the income of median households in Oklahoma was $51,424 in 2014-2018. The income of individuals in Oklahoma averages $27,432 per person. According to the most recent statistics available, 15% of residents of Oklahoma live beneath or above the poverty line.

The cost of medical cannabis is typically lower and more affordable in states where per capita incomes are lower. The market will be priced at a level that the consumer can afford. Given the high quality of cannabis products on offer in Oklahoma, medical cannabis is reasonably priced.

The cost of medical cannabis here, according to a Statistical study of nationwide high-quality medication costs, is far lower than the national average, it is clear that there are large variations in the costs incurred by patients. The most costly cost per ounce in the country is found in the District of Columbia, with a price tag of $595.56.

For an ounce of cannabis, a Texan will pay $324.17 in state taxes. Oklahoma allows licensed patients to purchase medical marijuana for as minimum as $75-$80 per ounce, according to priceofweed.com. If they take the time to visit dispensaries in Tulsa or Afton, they may be able to get medical marijuana in Oklahoma.

In comparison to neighboring states such as Texas and Arkansas, Oklahoma’s selection of available medical cannabis medicines is considerably more extensive. Medical cannabis goods in Oklahoma might be found in the forms of smokable flowers, capsules, edibles,  tinctures, and topical creams. In May 2020, Gov. Kevin Stitt banned pre-rolled items.

During the health crisis surrounding Covid-19 coronavirus, Gov. Stitt designated medical marijuana as a “necessary service,” although individuals did not have the choice of home delivery. Home delivery is presently unlawful in Oklahoma, however, patients are restricted to curbside collection.

BDS Analytics and Arcview Market Research predicted that several states will break records for medical cannabis sales in 2020. Although Oklahoma was not mentioned among the anticipated record-breaking sales of medical cannabis in 2020, it may be included shortly if the state’s sales volume grows. California, Colorado, and Michigan are projected to be the top highest-grossing states for adult-use cannabis sales and medical and in 2020 ($3.8 billion), with Michigan ($1.21 billion) and Colorado ($1.7 billion) leading the way.

With its high-quality medical marijuana products and reduced barriers to businesses and cannapreneurs, The medical marijuana market in Oklahoma is on pace to shatter more records for 2020. Oklahoma has become a popular location for marijuana businesses, and we may anticipate dispensaries to open several locations as part of a national expansion.