Oklahoma Cannabis Market Booms Amid Economic Crisis - State Sees Highest Ever Sales $62 Million

By: Buz Deliere & Therin Miller | Jan. 19, 2023

Oklahoma Cannabis Market Booms Amid Global Economic Crisis - The State Sees Highest Ever Sales

The Oklahoma cannabis market is experiencing unprecedented success in the midst of a global economic downturn.

While other markets across the United States are suffering significant losses due to the economy, Oklahoma's medical marijuana sales have been on an impressive upward trajectory. In fact, the state's medical marijuana business has seen such phenomenal growth that it's on pace to see record numbers in 2023, trumping the previous years.

With new laws and regulations being implemented, Oklahoma's cannabis industry is poised to become one of the most lucrative markets in the nation. The rapid rise in demand for medical marijuana has been fueled by a growing number of patients seeking relief from conditions such as chronic pain, PTSD, depression, and anxiety.

In addition, Oklahoma's cannabis providers have seen an increase in medical marijuana sales as more and more people are choosing to use the drug for therapeutic purposes as the stigma around cannabis begins to fade.

The state of Oklahoma has taken a proactive approach to regulate the industry by hiring additional inspection personnel to enforce regulations. The Oklahoma Medical Marijuana Authority (OMMA) has also created a licensing system that requires all businesses participating in the medical marijuana market to undergo rigorous background checks and reviews.

This has helped to ensure the safety of the public and provides regulatory oversight, resulting in a high standard of quality for medical marijuana products sold in the state.

Since the start of the Marijuana program in Oklahoma, the state has worked to establish a strong regulatory framework. Since the cannabis industry is booming the state is seeing more investors and businesses pop up contributing to the overall success, economic growth, and prosperity. This massive growth and framework are also attracting many investors into the state.

METRC the state’s regulatory system for tracking medical marijuana products went into place in August of 2022 and the market saw a bit of a decline with so many dispensaries offloading inventory for very low prices. Sales reported for the month of August, when Metrc went into effect, were only $38M.

OMMA reported to the Chronic Magazine that after the implementation of Metrc and other regulations that ensure safety and quality standards, the market bounced back to over $58m in sales for the months of September thru November before seeing a record high in December of over $62M. OMMA went on to say that December was the most profitable month since legislation was passed for medical marijuana in the state.

It's clear that with these numbers and growth Oklahoma is in a great position to capitalize on the rapidly growing cannabis industry. Oklahoma will remain a leader in this thriving industry going forward and will provide investors with attractive opportunities.