Recent reports reveal some applicants are submitting anywhere between five and 25 applications. With Oklahomans actively supporting agriculture, free market principals, and self-sufficiency, it seems the industry is sure to flourish. Industry watchers already predict that cannabis sales will produce up to $250 million per year for Oklahoma.
It’s official — Oklahoma has become the 30th state to legalize medical cannabis. However, it’s one of only two states thus far to open its cannabis market as a “free market” while the rest of pot-legal America functions as a regulated market under strict supervision and ever-fluxing legislation.
Free markets are designed to allow the free flow of supply and demand to determine the allocation of resources without interference from authorities. Some advantages include transparency and competition in the economy and the availability of premium products. However, some disadvantages of free markets include disregard to public safety and uncertain impacts in the economy.
In December alone, Oklahoma cannabis retailers raked in almost $1 million in profits; $70,000 of that generated from the new 7% tax on cannabis sales. The state’s cannabis program also prohibits municipalities, counties, or cities from instituting zoning laws or issuing fines to cannabis businesses.
Start your business off right to ensure success and sustainability as Oklahoma’s cannabis market matures. As of today, there are over 30,000 patients and 2,200 business licenses already approved in the state of Oklahoma. Patient numbers are expected to rise to more than 80,000 by the end of this year.
Majority of businesses in the United States function as regulated markets. A regulated market is “a market over which government bodies or industry groups exert a level or oversight and control.” While some advantages include public health and safety, these markets are capable of producing monopolies and bureaucracy.
Cannabis entrepreneurs & consumers are flocking to Oklahoma like pilgrims and pioneers to a new frontier. While Oklahoma’s State Department of Health will monitor the budding industry, they will have little to no means of interfering. With no regulation in effect, it’s a free-for-all and everyone who enter: even out-of-staters can apply for temporary cards.
Consider contacting The J. Whitney Group to receive the highest level of comprehensive business support in the Oklahoma cannabis industry. Canna-businesses will pop up left and right but with the right aid and tools, your’s will be the lone survivor when the going gets rough. Benefits of conferring with a consulting firm include:
- Properly following regulations when designing and setting up your facility
- Order and process in which to launch your business — avoid costly mistakes and launch your businesses sooner
- Knowing which vendors to use (POS, technology, security, supply chain, etc.)
- Establishing and implementing processes and procedures to operate efficiently and compliantly
- Staff sourcing and training
It’s official — Oklahoma has become the 30th state to legalize medical cannabis. However, it’s one of only two states thus far to open its cannabis market as a “free market” while the rest of…