Oklahoma Cannabis Business Licenses
WHAT IS OKLAHOMA'S CURRENT CANNABIS MARKET STATUS?
After the legalization of medical cannabis in Oklahoma, the cannabis industry in the state is booming. According to OklahomaWatch, Oklahoma is the lead in dispensaries per capita amongst other medical cannabis states with 56 per 100,000 residents. Cannabis sales reached $345 million in 2019, and the state made $55 million in tax revenue.
WHAT ARE OKLAHOMA'S CANNABIS LAWS?
Before medical cannabis was legalized in 2015, lawmakers legalized CBD oils with small amounts of THC for medical purposes. After much debate and difficulty amongst Ohio legislators, the issues of legalizing medical cannabis appeared on the 2018 ballot as a referendum. The referendum, also known as State Question 788, passed, making medical cannabis legal in the state of Oklahoma and license applications opened on August 25, 2018
WHAT IS OKLAHOMA'S CANNABIS LICENSING TIMELINE & CANNABIS APPLICATION PROCESS?
One of the reasons Ohio’s cannabis industry is thriving is because the application process is not as expensive and restrictive as other states. Applicants must be 25 years old or older, be a resident of the state, and must be registered to conduct business in Oklahoma. The application process for cultivation, distribution, and retail licenses costs $2,500. After completing the commercial business application which consists of information about your cannabis business, proposed location, and other important details, it can be submitted to the Oklahoma Medical Marijuana Authority (OMMA) for review. The reviewing process takes up to 90 days, and if the application gets denied the applicants have 30 days to amend the application and resubmit.
WHAT IS THE HISTORY OF CANNABIS IN OKLAHOMA?
Cannabis has had a long history of being illegal in Oklahoma up until recent years. In 2014, there was an attempt to put the issue of legalizing medical cannabis on the ballot but ultimately the efforts failed. By 2015, selling CBD oil with small amounts of THC became legal and the consumption of these products became very popular. An activist group called Green the Vote started a petition to place medical cannabis legalization on the 2016 ballot. After arguments and changes to semantics of the initiative, it was pushed to appear on the 2018 ballot as a referendum initiative.
The referendum, also known as State Question 788, passed, making medical cannabis legal in the state of Oklahoma and license applications opened on August 25, 2018. There was some pushback from the Oklahoma Board of Health, who banned dispensaries from selling smokable cannabis products and required pharmacists to be on-site at dispensaries. In the same month, Oklahoma City adopted a “simple possession” rule which lowered punishment for possession of cannabis to a small fine instead of jail time.
DOES OKLAHOMA HAVE A HEMP PROGRAM?
ARE YOU PREPARING FOR THE OKLAHOMA CANNABIS MARKET?
Oklahoma is currently accepting applications for cultivation, processing, and dispensary licenses! If you are interested in being a part of the flourishing cannabis industry in Oklahoma, it’s time to start on your application, Contact Point7 today to discuss our products and service packages available to make the application process and post licensure operations seamless.