Oklahoma Cannabis Market

dwkl · December 15, 2023

The cannabis market in Oklahoma, which was once thriving with almost 14,000 licensed medical marijuana businesses at its highest point, has been steadily dwindling since voters in Oklahoma overwhelmingly rejected a referendum for recreational legalization in March.

Heightened enforcement by state regulators and law enforcement has led to the closure of numerous businesses. Others have also noticed the excessive cannabis production in Oklahoma, which is 64 times more than required for the state’s medical patients, as a recent study revealed. As a result, profiting from this oversaturated market has become an overwhelming challenge.

Due to a gradual decline in the potential customer base, the number of individuals enrolled in the medical program has decreased to nearly 350,000, from a previous high of over 385,000.

Struggling business owners express their relief that the long-awaited crackdowns have finally arrived. They have faced increasing frustration in their efforts to compete with operators who disregard regulations.

They were hopeful that the market would experience significant expansion following recreational legalization, especially with Texans venturing across the border for shopping purposes.

But with the defeat of the recreational ballot measure — every single county in the state voted against it — they’re now hoping that enough firms will fail that it will be more feasible to run a financially successful business.

Read more at Politico

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