Throughout the prohibition of cannabis and even alcohol, utilizing bank information has been a key way to crack down on criminal behavior. Al Capone famously captured by the IRS proves the point that the financial industry has seen an intense array of legislation around it to stop illegal activity. Although the flow of illegal money goes beyond prohibition, it has led to the cannabis sector having troubles with banking.
With that in mind, today we will look at the trouble an Oklahoma cannabis dispensary can still struggle with banking in 2019. This has been a trend that has plagued the cannabis sector for some time. With that said, the Oklahoma medical marijuana still has boomed in popularity. Despite the troubles with traditional banking accessing, patients of a dispensary continue to get their medicine.
On another point we will cover today, the industry continues to show growing signs. The state of Oklahoma released numbers about the number of cannabis dispensary licenses and other medical marijuana businesses registered in the state. To this point, the industry continues to flourish as we see more licenses being issued by the state of Oklahoma governing board.
With that said, let us dive right in!
Banking & Oklahoma Cannabis Struggle to Coexist
According to a local news outlet, the banking & Oklahoma cannabis sector continues to see turbulence despite new Oklahoma cannabis laws. The banking industry has long been a troublesome spot for those within the medical marijuana industry, for everyone including stores, employees, and patients. Banks can often time restrict access to a bank account for storefronts without heavy accounting fees. Furthermore, even dispensary employees can be denied loans because of their employment which deals with a federally restricted plant. Furthermore, patients are often troubled to get cash to purchase their medicine from an Oklahoma medical marijuana dispensary. Sadly, the only thing which seems to be able to change the situation for banking within the Oklahoma medical marijuana community will be federal decriminalization of cannabis. Until this happens, these troubles seem to be overstaying their welcome.
Booming Oklahoma Medical Marijuana Industry
The state shows positive signs for the booming Oklahoma medical marijuana industry. Marijuana Business Daily reports the state has issued over 7,000 licenses for business to operate within the Oklahoma cannabis industry. To this point, the state did create a new license type for transporters which has helped add to the number of operating businesses in this measurement. Even with the new license addition, the state has reported over 7,300 businesses are licensed across the state currently to operate as a grow, processor, or dispensary. All and all, both factors are leading to growth within the sector. Further, as more new licenses are issued for businesses operating as transporters, the state should see an additional increase in the license count.
The article does discuss how a couple of new factors could slow the growth of the Oklahoma medical marijuana market. First, the state has issued new rules that recently required a compliance system that may stifle out competition within the market from stores that are not up to code. Furthermore, the state is now requiring more than 75% of the ownership of an Oklahoma medical marijuana business to be a resident of the Sooner state. With this requirement, the state hopes to keep the profits of the booming industry within the local economy. Even with these new regulations coming into play, patients should continue to see a steady flow of service from Oklahoma medical cannabis dispensary across the state.
Finally, as the cannabis industry continues to deal with the side effects of being prohibited for the last
In closing, remember the team here at The Peak Dispensary, an Oklahoma medical marijuana clinic, are happy to answer any questions you have about cannabis. Stop by one of our many locations to learn more!
Until next time, stay well!