The young and booming Oklahoma medical marijuana industry continues to steamroll forward as an example to other states in the region. The program has been touted by Missouri lawmakers as an example of how quickly the formerly illegal cannabis plant can become an economic boom for a state. Furthermore, the Oklahoma state legislature has been considering more bills which will, if passed, impact the Oklahoma medical marijuana industry and patients. With that in mind, a house bill recently passed which could affect medical marijuana taxes across the state. We will dive into both of these topics today and take a deeper look at how Oklahoma, which is leading the way for the midwest could change taxes within the medical marijuana sector.
Oklahoma Medical Marijuana Industry an Example to Other States
The Cannabis Business Magazine highlighted a story this month where they noted how other states are looking to the Oklahoma medical marijuana industry as a leading example. The Sooner’s states program has boomed in popularity which has helped generate a revenue source for local governments as well as help bring jobs to the communities. Furthermore, there has been a redirection of black market money which is now going into the hands of responsible business owners instead of law-breaking criminals, even if the laws were unjust. This has led to thousands of patients to join the Oklahoma medical marijuana markets and led to the creation of hundreds of different businesses. There have been concerns for new states introducing medical marijuana laws on how to balance the number of stores and patients to properly account for each other. Some states such as Oregon or Washington have seen too many stores and growers lead to falling cannabis prices, overall hurting the industry. Other states such as Ohio have failed to deploy their medical marijuana programs in a very significant manner. Finding a balance between these two extremes is the ideal place, something the Oklahoma medical marijuana industry has been lucky to experience. All and all though, it is easy to see why the Oklahoma medical marijuana marketplace is a prime example of successful marijuana decriminalization.
Pending Changes to the Oklahoma Medical Marijuana Sector
A state bill has recently survived the first legislative test to becoming law. The Bill, Senate Bill 1030 will enable local authorities to tax the cannabis industry differently through a lighter tax load enforced by the state. The bill proposes to lower state taxes on cannabis for both the excise and sales tax portions. The 7% excise tax would be dropped down to 6% and the 4.5% state sales tax dropped down to 1%. Through this process of lower state taxes, the government hopes to give local governments more of an ability to add their own taxes. This is an exciting approach to changing the tax structure which should help benefit consumers and stores which will hopefully not see a large jump in taxes from their local governments dipping into the green cannabis coffers. The bill would also lower the punishment for a person who has more than an ounce and a half of cannabis without a proper medical marijuana card. The law also goes a step further to help define scenarios in which a police officer would interact with a medical marijuana card holding patient and how to properly proceed. Most of which seems to be at face value common sense regulations.
All and all, the young Oklahoma medical marijuana sector seems to be heading straight into the second year of success with more exciting changes to be sure to appear as time goes on. While the state will need to wrestle with the demand for cannabis versus the supply, they seem to be headed in the right direction. Furthermore, the State of Oklahoma’s medical marijuana industry has been a highlight among new programs in the country. The state has done a wonderful job implementing the will of the people and empowering the medical marijuana sector here. Furthermore, we should expect to see more changes introduced by the state and local governments of Oklahoma to regulate the medical marijuana industry. It’s something we’ve said in the past and something we will continue to highlight in the future.
With that said, thank you again for stopping by The Peak Dispensary blog. We are thankful to be able to provide you with updates to the Oklahoma medical marijuana industry and as always, if you ever have any questions feel free to stop by one of our stores and our staff is happy to help where we can!
Until next time, stay well!