Oklahoma recently approved medical marijuana last July 26 and the statistics have been crazy from there on. From the dispensaries to the number of patients, the state has been busy during its first year of legal weed. And it’s not just the sales we’re talking about, it’s also about the licenses and the number of patients. So here are some of the craziest numbers Oklahoma has with its medical marijuana industry.
$12 million in Sales
A whopping 71% increase in sales happened between the months of February and March in this year alone. Over $12 million worth of medical marijuana was sold in March, making it the six month in the streak of constantly growing sales for the industry. The industry has continued to blossom and the numbers are definitely telling the truth.
Even before that drastic increase, the numbers have been constantly growing with just $1 million in sales last December 2018 progressing into $4.3 million in January and about $7.2 million in February.
As the state expects, the numbers will still be on the rise as the medical marijuana program in Oklahoma continues to approve lots of patients. With more patients come more sales for the industry.
83,000 Medical Marijuana Patients
According to the latest tally, there are now about 83,000 approved medical marijuana patient licenses in the state. It’s not been a year yet, but the number is definitely reaching for the sky. One of the main contributors to this is that registering to the medical marijuana is fairly easy and more and more patients are giving out testimonies for the benefits of the drug.
Signing up for the program is also quite easy, just like in other states. You just need to make sure you have a qualifying condition and a legal doctor’s recommendation. Prepare some $50, get approved, and wait for your card.
As more and more patients get approved, the number of dispensaries is also increasing within the area. One thing for sure, the number will still increase and it’s not going down any time soon.
There’s no denying that there are business opportunities for those interested in cannabis. The number of patients is growing and there are already talks about legalizing recreational marijuana. Though the industry is taxed heavily, sales are still roof high and people just can’t pass up on the opportunity.
The number of dispensaries has been growing steadily and is now at 1,200. That’s a lot, given that it’s also quite a big state. The Oklahoma Medical Marijuana Authority is still expecting to hand out more licenses in the coming months with the industry rapidly growing.
2,300 Commercial Growers
There are a lot of growers in Oklahoma and the state has zero problems with that. With the activity in the state right now, it’s just the right amount of growers, if not less. A catch is that only about 50% of these growers are actually operating which doesn’t really pose as a problem.
Investments are coming into the state which is a big factor in the increase of growers. A factor that contributes to this big number is it’s relatively easy to register with the Oklahoma Medical Authority. There are clear opportunities for those who want to explore the business and the state makes sure that those who want to can do it.
Of course, there are still rules to follow but everything seems fine. Just run your business, follow the rules, and revenues will be coming in easy.
75% Oklahoman Ownership
With such a booming industry, who wouldn’t take advantage of it right? Big businesses are looking to getting into the state’s cannabis industry and that’s just a disadvantage for locals who don’t have much compared to big companies.
That’s why local lawmakers made sure that the locals are protected by having a rule that 75% of the business must be owned by an Oklahoma resident. This gives fair play to everybody to get into the industry. If you’re not a resident nor a local, then just forget it and look to invest in other states.
The industry is a melting pot of opportunities that everybody just wants to get their hands on sales and products. Without this provision, it would’ve been easily swept by multinational companies. At least we know the residents are the priority for this industry.
Well, maybe they’re not just crazy, they’re also a bit amazing. In just a year, a lot has happened in the state and that’s partly because cannabis is a fresh new item in the market. More and more patients are getting registered and the sales are skyrocketing. These numbers will only go higher and the residents can’t wait to reap the benefits. Let’s just hope everything’s managed well and nothing goes wrong in the long run.