The State of Oklahoma has begun the licensing process for a variety of cannabis dispensaries, processors and growers. Voters passed a medical marijuana bill in June of 2018 and quickly the state has seen businesses flock to this opportunity. Already the state has seen thousands of license applications for access to the emerging cannabis industry in the midwest state of Oklahoma. With this high number of applicants, the Oklahoma cannabis market should be one which appeals to consumers as competition within the marketplace will be thick. Furthermore, the program although only voted into effect a few months ago, has already seen thousands of patients register. With that in mind, Oklahomans should expect a robust marketplace and an exciting variety of products from their dispensaries. Let’s take a closer look at this nascent cannabis program and some of the program highlights.
Competition by the Numbers
The Oklahoma cannabis program started with heavy interest from businesses, even as requirements currently say a majority of these businesses must be owned by Oklahoma residents. The program has had nearly 2,000 different business applications submitted in the first month since opening the application process. The voter initiative passed in June of 2018 requires that state officials make their decision about a Oklahoma cannabis business within four weeks of the application’s submission date. With this, the state has already approved a variety of dispensaries, processors, and cultivators to operate in the nascent Oklahoma cannabis market.
After only a month since application’s have started to be processed, the exact numbers of approved licenses include:
- 377 Dispensary Licenses
- 165 Processor Licenses
- 593 Cultivation Licenses
Also noteworthy, the state has another approximately 500 licenses still pending to decide upon. Through the temporary laws that are currently in effect, the state only has 30 days to approve or deny an applicant. The state legislature is expected to pass final rules during their legislative session in 2019. Yet, even with temporary rules in place, the regulatory landscape can be seen as very lenient with its restrictions. These strong application numbers and a consumer-friendly regulatory environment should help the patient count rise to a higher number. Further, the state’s medical marijuana program should be able to provide those with medical marijuana cards a robust option of cannabis goods. Let’s take a closer look at the patients and products coming from this new program.
Oklahoma Cannabis Patient Count and Market Size
The Oklahoma medical cannabis dispensary market is sure to be one that appeals to a variety of consumers across the state. Even if the state declines to accept out of state medical marijuana cards, the program should help bolster the state’s tourism economy too as there are few midwest states with robust medical marijuana programs. On that note, the state has already approved nearly 4,000 medical patients and an additional 27 caregivers. Furthermore, the Oklahoma Medical Marijuana industry is expected to reach over $100 million dollars in sales for the first year operating. This will lead to a strong and sturdy cannabis industry within the state while providing a new revenue source for state taxes to be raised.
What to Expect from an Oklahoma Medical Marijuana Dispensary
The state has approved a variety of products to be sold to medical marijuana card holders which include cannabis flower, edibles, concentrates, vaporizer products, and seeds. This wide variety of products should help attract more patients to the state’s medical marijuana program. Furthermore, it should help businesses separate themselves from the stiff competition in the market. Furthermore, the state has also ruled that a doctor may prescribe medicinal cannabis to any patient, without a strict set of ailments to which the prescription would assist with. With these rules in place, it should create an attractive environment for the patients. Furthermore, the high level of competition, which can be seen from the 12 to 1 patient to dispensary count currently will mean the competitive nature of the Oklahoma Medical Marijuana industry will further help ensure patients come first. While it will be difficult for Oklahoma Medical Cannabis Dispensaries to operate within the competitive environment, it will also provide a positive sign for patients which will have ample choices for their cannabis providers in the Sooner State.
All and all, Oklahoma has established a powerful foundation for the state’s medical marijuana program. Within the heavily competitive market, patient counts already have risen to .1% of the state’s population of nearly four million individuals or close to 4,000 patients. As cannabis businesses in Oklahoma start to open, we should expect the patient count to rise steadily into next year. It will be an exciting time for the people of Oklahoma as their cannabis program opens for business in late 2018.