The Oklahoma medical marijuana market continues to evolve at an amazing rate. With this, we have seen millions of dollars be spent legally on Oklahoma medical marijuana with thousands of businesses cropping up to offer products, services, and expertise for those interested in the new cannabis sector. With that, there was a large convention in Oklahoma City recently which catered to the Oklahoma medical marijuana marketplace. Furthermore, the state of Oklahoma reported that the medical marijuana sector in the Sooner state saw revenue past the $7 million mark for the month of February 2019. All and all, we are thrilled with the progress we have seen from Oklahoma medical marijuana since it was voted into law just 9 short months ago. Since then, we have seen thousands of patients gain access to medical marijuana and many businesses pop up to service the young sector. With that, let us dive right into the Oklahoma medical marijuana news for the week.
Homegrown Market focused on Oklahoma Medical Marijuana Market
Homegrown convention focused on Oklahoma medical marijuana market draws thousands of attendants. The GreenGrow Expo was in Oklahoma City last weekend and brought in thousands of attendants who were curious about the growing cannabis sector within Oklahoma. With the legalization of medical marijuana in Oklahoma, we have seen an explosion of commerce around the young and nascent sector. Even though the industry is less than a year old, the Homegrown convention saw over 110 vendors with direct or indirect business within the burgeoning cannabis sector. An Oklahoma news publication was quoted saying, “Secondary and tertiary businesses are getting involved in the industry as it continues to expand. Many vendors in attendance don’t directly grow or sell marijuana. The lawyers, insurers, security, and supply firms are cashing in by providing marijuana-specific services for dispensaries and growers.” All of which suggests, the Homegrown convention was quite a success! Moving forward, we expect more cannabis-related conventions and roadshow style events to take place in Oklahoma as our young marijuana marketplace matures into something larger than it’s current wonderful size.
Oklahoma Medical Marijuana Tax Revenue
The revenue from Oklahoma medical marijuana generated more than $7 Million for February 2019. To be precise, news reports the sector brought in just over $7.2 million in sales during the shortest month of the year, February. This is nearly double from the $4.3 million reported in the month of January. All and all showing strong signs that the Oklahoma medical marijuana market is just starting to take off. Some experts suggest the Oklahoma medical marijuana market may grow to be over $100 million a year which would generate multiple millions in tax revenue for the state to use. We are thrilled to see a plant which this time last year was still illegal now generating money for our state economy and helping thousands of Oklahomans access medical marijuana. The industry currently touts almost 55,000 registered patients with over 1,100 dispensaries and 1,800 growers sprinkled across the Sooner State. All of which shows how quickly the Oklahoma medical marijuana market came to be a functioning aspect of the state’s economy.
All and all, we are thrilled to see the Oklahoma medical marijuana industry steamrolling forward. We are excited to see industry events going on which help bring more legitimacy to the growing Oklahoma medical marijuana market. With this, we are also thrilled to see the state of Oklahoma benefiting from the nascent cannabis sector. With expected sales revenue to grow as we get closer to the famous cannabis celebratory day of April 20th, we should only see the sales of Sooner medical marijuana rise going into the spring of 2019.
Remember if you ever have a question, we with The Peak Dispensary are always happy to help where we can! Feel free to stop by and ask a member of our staff any questions you have about Oklahoma medical marijuana.
Until next time friends, Stay Well.