7 min read
How to Open a Dispensary in Oklahoma
While marijuana is legal for medical use in Oklahoma, recreational usage is not permitted. In 1933, Oklahoma outlawed marijuana as a part of a larger nationwide trend to impose restrictions on it. Authorities in Oklahoma vigorously pursued marijuana users, sellers, and growers throughout the years. But beginning in 2015, adjustments were made to the law governing the use of medicinal marijuana. Ultimately, in 2018 Oklahoma became the thirtieth state to legalize cannabis for medical use due to the state’s referendum.
With 2,000 medical marijuana dispensaries for a 360,000 population, Oklahoma has the highest per-capita density among medical marijuana states in the US, indicating that the cannabis sector is thriving. As a result, there are many options for people considering starting a medical marijuana business, despite the fact that entry fees are very cheap and there is a significant demand for cannabis business licenses.
More goes into operating a marijuana store successfully than simply bringing clients in. Owners of dispensaries must be ready so that they can stay in compliance with Oklahoma’s changing marijuana regulations. Anyone interested in starting a medical marijuana dispensary in Oklahoma must be aware of all compliance standards and laws. So, it’s high time you started searching for info that will best teach you how to open a dispensary in Oklahoma.
This blog post will go through how to open a dispensary, how to get a dispensary license, and certain laws you need to be aware of. We’ll also talk about how to set up the software and operations for your dispensary.
How to Get a Dispensary License in Oklahoma
The first step of opening a dispensary in Oklahoma is to know how getting a retail license works in Oklahoma. In the state, Oklahoma Medical Marijuana Authority is in charge of overseeing the application process. A dispensary license is one of the several marijuana business license categories that you may apply for.
To get quick approval, you must upload all necessary documents and provide information about all the owners, members, and board members throughout the application procedure. All owners and members must also present evidence of residence. Applications should be approved or rejected by the agency within 90 days.
Oklahoma Dispensary License Requirements
The first thing you need to do is register a business. A tax permit is required before applying. You will also need to submit a Certificate of Compliance which can be obtained from the city or county. All owners and officers need to pass a criminal history background check.
Starting August 25, 2018, Oklahoma’s application period is open. The number of licenses one entity or individual may apply for and get is limitless. A different license is required for each dispensary site. A business license applicant must be at least 25 years old and an Oklahoman with residence proof for at least two years.
Businesses that sell cannabis in Oklahoma must have ownership partners that are at least 75% Oklahoma residents and have residence documentation dating back at least two years. One or more of the following papers, in digital, color copy, can be used to prove your Oklahoma residency:
- Oklahoma driver’s license;
- Oklahoma identification card;
- Utility bills, excluding cellular telephone and internet bills;
- A residential property deed to the property in the State of Oklahoma;
- A current rental agreement for residential property located in the State of Oklahoma;
- Other documentation deemed sufficient by OMMA.
It should be mentioned that the agency limits who can apply for a license. Sheriffs and other law enforcement officers cannot apply. OMMA employees are not eligible to apply. No applications will be accepted from city or county employees of the dispensary’s location. Anyone who has a recent five-year felony conviction can not apply either.
How Much Is it to Open a Dispensary in Oklahoma?
Compared to other states, Oklahoma has much cheaper start-up expenses for dispensaries.
Oklahoma’s dispensary non-refundable application fee is $2,500 and is renewable annually for the same price. You will have to pay additional fees included in the application process. The state of Oklahoma requires an initial investment of between $80,000 and $140,000 and subsequent monthly costs between $30,000 and $40,000 to open a dispensary.
How to Stay Compliant in Oklahoma
One of the essential steps in how to open a dispensary in Oklahoma is to learn how to provide automated compliance reporting to the authorities. Oklahoma requires all medical marijuana dispensary license holders to comply with Metrc.
So it’s significant to make the right choice of a technology partner once you open a dispensary in Oklahoma to operate a prosperous marijuana dispensary in the state.
IndicaOnline is a point of-sale (POS) software that is integrated with Metrc and helps medical and recreational dispensaries track their daily operations. Its standards attract lots of retail cannabis businesses as it tightens the security of regulated cannabis markets, simplifies product recall, documents chain of custody, ensures proper tax revenue accounting, and eases inspection, auditing, and reporting burdens.
The software will keep your business compliant and help provide state reporting comprising an inventory tracking system, carrying out purchase limits, and customer management processes. Most Oklahoma dispensaries choose to work with IndicaOnline due to its easy-to-use technology and automated solutions.
Offering the best price to customers on the market, IndicaOnline is one of the all-in-one solutions for dispensaries, also integrated with fully customizable, Metrc-compliant cannabis e-commerce platforms. Since our trustworthy and approved automated system takes care of everything, you never have to bother updating inventory or Metrc reports.
When you register with IndicaOnline, you also get access to sweede.io, our online store for cannabis retailers. Using the platform’s built-in marketing tools, you can launch your store online and offer your goods and services to thousands of clients. So, now is your moment to take action if you want to make your company visible to and accessible to consumers in digital spaces.
If you are planning to open a dispensary in Oklahoma, compliance should be your number one priority as a dispensary owner because failing to follow regulations might result in penalties or license revocation.
Choose the Right Dispensary Location in Oklahoma
You must learn if it is permitted to open a cannabis retail company in the city or county where you live before launching a dispensary in Oklahoma. Learn about the locations meant for particular businesses by studying your local zoning code.
How Much Do Dispensary Owners Make in Oklahoma?
In fact, the cannabis business is a lucrative one in the United States. And naturally, being a dispensary owner is also a worthy endeavor. According to different surveys, the average revenue for a dispensary owner ranges from $250k to $500k annually in Oklahoma.
Your overhead expenses, monthly rent, debts, revenue, profit margin, and e-commerce channel are just a few of the numerous variables that might affect this number.
What is the Yearly Cost of Operating a Dispensary?
Annual dispensary costs typically range between $200,000 and $1,000,000. The size of the company facility affects a large portion of the operational costs. A cannabis dispensary is not like your typical store; the costs are far more than what is needed to start a straightforward retail store.
A dispensary must incur operating costs in order to function, just like any other business. These expenses start at the time of application and they might reach $200,000 or more. This cost is (usually) non-refundable.
There is a lot to take in there. In addition to the ongoing expenditures of operating the dispensary, dispensary proprietors are also needed to obtain and maintain additional specialized legal permits.
A Security System
To make sure your dispensary remains compliant and secure from criminals, a reliable security software system with cameras to monitor what happens inside and outside your dispensary is a must. A system that allows you to keep an eye on everything in your stores without having to be in many places at once would be the best choice.
Medical cannabis dispensaries in Oklahoma often have inadequate security systems installed in their facilities thus the chance of break-ins is quite high.
It might be a good decision to refer to companies that provide comprehensive security service packages for your dispensary so that you can sleep peacefully at night. These packages usually include security systems, access control, security camera systems, environmental monitoring, and custom-designed for your facility.
The licensing process for cannabis businesses in Oklahoma is one of the simplest compared to other states and often is free from entry obstacles or barriers. Oklahoma is ranked N2 among U.S. states for having the lowest corporate tax burden because of its exceptional incentive programs and pro-business atmosphere. If you’re trying to save operating expenses, Oklahoma is an excellent place to invest.