It has only been three months since Oklahoma officially legalized medical marijuana sales but the green rush phenomena is continuing to grow with unlimited licensing and fairly loose qualifications for medical conditions. Oklahoma medical marijuana dispensaries are in abundance and many are preparing for a competitive market.
It’s expected that within a few years Oklahoma could do over $250 million in sales annually, so it’s no wonder why many ganjapreneurs are flocking to the Sooner state. It’s expected that the cream will rise to the top after a year or two, leaving only the best and busiest medical marijuana dispensaries.
Executive Director of New Health Solutions Oklahoma, Bud Scott notes that “Some people came on as kind of ‘Sooners.’ They were quick and maybe started a little too early.” While the excitement is tangible, the overwhelming number of patients that have signed up combined with a limited supply have resulted in higher prices per ounce.
Oklahoma medical marijuana dispensaries are paying up to $400 an ounce for flower while in neighboring Arizona the same ounce is selling for $200. Once the supply chain becomes more established these prices are likely to fall significantly, with some predicting retail prices to reduce by 50%. This could potentially make Oklahoma’s medical marijuana the most affordable in the U.S. barring any future restrictions.
Many industry insiders doubt that there will be any major marijuana regulation changes apart from increased pesticide testing. The leading author of MMJ Initiative 788, Chip Paul, remarked, “Why would you limit licensing? You don’t limit licensing on any other business.”
The Oklahoma Medical Marijuana Authority recently posted the following tweet to reveal some of the latest licensing numbers for Oklahoma medical marijuana dispensaries and businesses.
As of December 9, 25,000 patient, 193 caregiver and 2,525 business applications received. 27,718 total.
18,601 patient, 134 caregiver, 754 dispensary, 1,206 grower and 315 processor licenses approved. 21,010 total.
— Oklahoma Medical Marijuana Authority (@OMMAOK) December 10, 2018
One of the big draws for burgeoning cannabis businesses is that Oklahoma doesn’t allow local jurisdictions to create their own regulations, restrictions, or fees. This presents huge potential for growth as there is ample real estate to choose from and plenty of opportunity to generate revenue.
Bud Scott readily admits that there has been no official survey on the number of Oklahoma medical marijuana dispensaries, but he estimated that are about 100 medical marijuana retailers currently operating. “The supply is definitely not there yet,” he noted, but cultivators are just beginning to harvest after receiving their license in September.
The demand from consumers is continues to grow as the medical condition qualifications are based solely on the doctors and no specific set of pre-existing conditions. Oklahomans for Health Chairman Chip Paul bragged that, “That is the absolute marquee, principle feature of our law. We will absolutely maintain that.”
The future looks bright for Oklahoma medical marijuana dispensaries so the importance of building a recognizable brand is paramount. Offering high quality cannabis and a memorable customer experience will help you define your market position.
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