Oklahoma greenlights 7,000-plus medical marijuana licenses in first year

Oklahoma greenlights 7,000-plus medical marijuana licenses in first year

Oklahoma regulators approved more than 7,300 business licenses in the first year of the state’s high-flying medical cannabis program, including nearly 4,300 grower permits, according to recently released figures.

The state also opened up applications for a new stand-alone license category: transporter. Previously, only licensed growers, processors or dispensaries could receive a transporter permit.

New rules are kicking that will institute industry-standard compliance systems and could accelerate a market shakeout in Oklahoma’s wide-open MMJ program.

A new medical cannabis company now must show more residency proof to ensure that 75% of the entity’s owners are Oklahoma residents.

Other rules in the coming weeks and months will deal with package labeling, product testing, waste management and seed-to-sale tracking.

Here is the breakdown of business license approvals in the first year, according to a tweet from the Medical Marijuana Authority:

  • Growers: 4,287
  • Processors: 1,173
  • Dispensaries: 1,848

Regulators approved applications from 178,173 patients to buy and use medical marijuana products.

Marijuana Business Factbook projects that Oklahoma MMJ sales will reach $140 million-$180 million in 2019, the first full year of market operations, exceeding original projections.

Jeff Smith can be reached at [email protected]

Published at Thu, 05 Sep 2019 20:17:28 +0000

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