After the roller-coaster ride of the past years, the 2023 edition of “Rich States, Poor States,” released by the American Legislative Exchange Council, ranks Oklahoma fifth best in the nation in economic outlook. Part of its growth is due to domestic migration in the past 25 years, which is inspiring news for Oklahoma’s cannabis industry. With the influx of new residents, a new vitality is part of the state’s landscape. According to the National Association of Realtors, only nine other states rank higher for relocation.
Oversupply of Medicinal Cannabis Affects Operators
While Oklahoma’s economy continues to boom, one area of concern is the supply of medicinal cannabis. According to a recent study conducted by Cannabis Public Policy Consulting, “regulated medical cannabis supply in Oklahoma outpaces demand by at least 32 times and could serve all cannabis consumers (patients and non-patients) 4.5 times over.” Several factors have created the situation, including no cap on the number of plants grown per site, the number of grow facilities, and the number of cultivation licenses, with a licensing fee of $2,500 being the only financial requirement. The surplus is causing prices to drop in a highly saturated market and an illicit market to serve the demand for recreational cannabis. Industry leaders suggest that one possible solution is to legalize adult-use cannabis.