The Oklahoma medical marijuana market brought an exciting new industry to the Sooner State. With new regulations about medical marijuana in Oklahoma, the industry has taken off with a high amount of demand. Yet, the supply has been a bit slower as businesses work to come online and pass the licensing process. We believe though, soon there will be an identical supply as demand for Oklahoma medical marijuana. Yet currently, the Oklahoma dispensaries operating simply grow too little cannabis to meet the heavy demand for medical marijuana. This mostly due to the industry being so young and just starting out. As the market becomes more consumer-oriented in terms of supply and demand, we expect to see a vast increase in the quality and variety of products available to medical patients. Further, the state has chosen regulations for the cannabis sector which will not limit the number of licenses issued for cannabis companies. This too should help drive prices down quickly as the market becomes a consumer-oriented one. Let’s take a closer look at these forces in play for the Oklahoma medical marijuana market.
More Stores Should Lower Prices
As more Oklahoma cannabis businesses come online and start operating, there should be a big shift for the balance of supply and demand favoring consumers in due time. Oklahoma is on track to have more dispensaries per customer than any other operational cannabis market in America. Simply because of the laws of supply and demand, we should see consumers benefit the most from these changes coming to the Oklahoma medical marijuana market. This will propel the customer to come first as dispensaries compete for the limited consumer base. Further, this large number of stores versus consumers should help lower prices for medical marijuana in Oklahoma because the state of Oklahoma passed medical marijuana regulations which favor competition. The regulators did not place any caps on the number of businesses which can get a license. While this is a difference from other states, it has proven to lower the market value of cannabis and better compete with the black market. In other words, bringing cheaper cannabis to consumers like yourself!
No Limit on Cannabis Businesses
Many states with medical marijuana programs limit the number of licenses that can be distributed. These artificial limits create a lower supply of cannabis in the marketplace. The limit on licenses often is due to the federal prohibition of cannabis and helps ensure there is not too much cannabis in the market so that none of it is diverted to the black market. As noted previously, the unlimited number of businesses which can operate in the Oklahoma cannabis market will eventually lead to an oversupply of cannabis product. Also noted above, estimates already suggest there will be more dispensaries per patient in the Oklahoma market than any other state in the country! This is great news for cannabis consumers. As the supply of cannabis increases, the price should naturally lower. A similar trend has happened in other legal markets which have seen the price of cannabis fall 50% to 85%. Depending upon the market, this can take some time to take place but as more and more businesses come online. It is a natural process and one that will greatly benefit consumers.
A Consumer Market
As the market matures in Oklahoma, there will be increased competition. With more businesses, that will naturally mean more cannabis in the market. As excess cannabis does hit the market, it should also lead to a great variety of products as companies work to differentiate themselves in a heavily competitive marketplace. This should also benefit the patients of the Oklahoma medical marijuana market. Further, it will be great for any Oklahoma cannabis consumers looking to try the new products. With this in mind, next time you’re visiting us at The Peak Dispensary, make sure you stay up to date with the latest and greatest products available by simply asking your budtender for information about any new products periodically! We would love to help you find the newest cannabis products available.