Oklahoma Lost One-Third of Its Medical Cannabis Business Licenses This Year
The variety of medical hashish enterprise licenses in Oklahoma fell by a 3rd in 2024 because the trade skilled its second 12 months of downturn after lawmakers handed a invoice in 2022 to rein within the state’s initially rampant hashish sector, The Oklahoman studies.
Information from the Oklahoma Medical Marijuana Authority reveals that the entire variety of hashish enterprise licenses within the state — together with dispensaries, cultivators, processors, and transporters — dropped from about 8,700 a 12 months in the past to simply 5,811 by the top of 2024.
Lawmakers set a moratorium on the licensing of recent medical hashish companies in 2022, which can expire in 2026. Whereas the moratorium is in impact, anybody wishing to accumulate a medical hashish license in Oklahoma might want to buy one from an present licensee, and regulators should approve the transaction, the report mentioned.
Oklahoma’s initially lax medical hashish guidelines didn’t embrace a licensing cap and, with a reasonably low barrier to entry, the trade shortly ballooned to change into far bigger than what Oklahoma sufferers require.
Earlier this 12 months, the Oklahoma Medical Marijuana Authority introduced layoffs for 10% of its staff to match the trade’s continued downturn.
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