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]
Written by Jeff Smith
Marijuana Business Daily