How to open a dispensary in Oklahoma? If you want to open a dispensary in Oklahoma there are many things to consider. Read the pros and cons of owning a dispensary in Oklahoma in this article.
How to Open a Dispensary in Oklahoma
To open a dispensary in Oklahoma the start-up costs are significantly lower than many other legal states. For you to open a dispensary in Oklahoma, it is necessary to get the right information and consider some of the essential regulatory rules. Opening a dispensary in Oklahoma might be slightly different than in other states. However, a dispensary opening will work just fine if you apply for an application form and comply with the Oklahoma Medical Marijuana Authority regulations. The opportunities are promising. According to Green Rush Consulting, recreational cannabis in Oklahoma could yield $1.12 billion in revenue within the first five years of legalization.
Here are the most important things to know when you want to open a dispensary in Oklahoma.
RELATED POST: How to Open a Cannabis Dispensary in Illinois
RELATED POST: How to Open a Cannabis Dispensary in Arizona
How to Open a Dispensary in Oklahoma Checklist PDF
Make a Marijuana Dispensary Business Plan
A business plan for a dispensary requires knowledge about the right location and proper requirements at the place of dispensary opening. In Oklahoma, you need to open a dispensary according to the location requirements that are important for every applicant. It means that 1,000 feet away from a public or private school is necessary in order to get a license.
See How Much Does It Cost to Open a Dispensary in Oklahoma
When you apply for a license to open a dispensary in Oklahoma, a fee of $2,500 must be paid, along with the additional fees included.
For operating costs of a dispensary, you should think about the unit location, area of jurisdiction in the current city, and standard operational expenses that apply to every dispensary. With all these factors included, you can expect to spend additional money on flower production, since the rewards are numerous.
At the moment, a pound of marijuana flower costs around $4,000 on average. This business makes huge money if you know how to grow the plants and harvest them in the right way.
How Do I Sell a Dispensary in Oklahoma
If you want to sell a dispensary in Oklahoma, there are many options you can consider. One of the best solutions is to go with the regulations and sell a dispensary in Oklahoma to a resident that is:
- At least 25 years old
- Find entities that must show at least 75% of ownership that is held by an Oklahoma resident
- A background check is necessary
The OMMA revealed in September 2020 that they had contracted Metrc to handle all seed-to-sale monitoring and enforcement in Oklahoma. All marijuana companies in Oklahoma must now either integrate with Metrc or enter their data into it. Metrc would make cannabis business activities more compliant and secure in Oklahoma, which has one of the largest medical marijuana dispensary markets in the country. By March 26, 2021, you must have completed the new business system metrc training with your unique Metrc account number and be able to begin reporting your dispensary’s inventory to Metrc by April 30, 2021. On OMMA’s website, you will learn more about the next steps.
Further, although there isn’t a license cap as of now, Oklahoma’s House of Representative recently passed a bill that would temporarily limit the number of medical marijuana business licenses for dispensaries. This bill aims to eventually have no more than 2,000 dispensaries, which would be achieved by prohibiting license renewals if specific performance targets are not met by businesses.
The cap would be lifted in September of 2023.
Application Requirements For A Dispensary License In Oklahoma
When it comes to applying for a dispensary license in Oklahoma, we have a few requirements that need to be met.
- You can apply for a dispensary license if you are an Oklahoma resident.
- You must apply online at the OMMA website.
- An applicant must have a business plan, a financial plan, and an inventory control plan.
- Patient education, record keeping, staffing, and security plans are also required.
What Is a Perspective of a Dispensary in Oklahoma
With more than 4,700 growers, dispensaries, and processors, many business owners see their opportunity on the market.
Oklahoma is a so-called “wild west” when it comes to marijuana users and their needs. This detail means that a massive portion of the population wants the legalization of recreational marijuana, and that is why state initiatives are very serious about specific questions.
Many doctors are now able to prescribe medical marijuana with no qualifying conditions to govern their recommendation. People are using cannabis for seizures, eyesight problems, and many minor conditions that can be successfully treated with other medicinal solutions.
However, medical marijuana is purposed for treating anxiety and neurological problems. In this case, Oklahoman can use it for a wide variety of conditions, which is a matter of huge debate among politicians.
More than 200 doctors have registered to treat medical marijuana patients and give them recommendations about the specific strains they should be using as part of their treatment.
According to the state laws, there is no specific list for medical conditions that can be treated with marijuana, which is a difference when it comes to marijuana legislation in this state.
The State Question 788 approved by the state official in 2018 regulates the marijuana use among medical patients. On the year of the vote, more than 80 000 medical patients were registered, making about 2% of the state’s estimated population.
Today, Oklahoma has more than 220,000 registered medical users, which makes the state almost first on the list when it comes to the number of patients.
The legalization of marijuana in Oklahoma will be an important question with one possibly expected answer. Voters will have an opportunity to say “Yes” to recreational marijuana in 2020.
Existing dispensaries in Oklahoma are full of medical patients right now, as the state has many cannabis users. Opening a dispensary in Oklahoma would be even easier after full legalization of cannabis in this state, which means a huge business opportunity for many entrepreneurs in Oklahoma.
- Tom Howard at CannabisIndustryLawyer.com
- Miggy at Cannabis Legalization News
Interested in coming on as a guest? Email our producer at firstname.lastname@example.org.