Oklahoma's Open-Market Medical Cannabis Program Could Be Massive
This past June saw Oklahoma voters approve the state’s medical cannabis program with a resounding 56.8% of the vote. The Sooner State becomes the 31st state to adopt a medical marijuana market. Despite last-minute pushback from opposing organizations, the measure went through and now lays in the hands of Oklahoma lawmakers to finalize regulations.
With applications soon expected to go up on the state Department of Health’s website, Oklahomans and outside entrepreneurs are clamoring to stake a claim in a market that could immediately help citizens on a scale that few, if any, programs have been able to so far. From the lying in wait experts to novices looking to make their mark, we’ve heard from them all in the weeks and months leading up to the news.
At this point, here is what we know - and why solventless extraction could be the best option for Oklahoma entrepreneurs.
Oklahoma Votes for Open-Marker Medical Cannabis
Unlike most cannabis programs in the U.S., Oklahoma voters approved an open-market program. The significance of the open-market allows for significant differences compared to the typical market. Primarily, Oklahoma’s open-market places no limits on business licenses while allowing physicians to recommend medical cannabis to any patient without a list of qualified conditions. In addition to providing care to a range of patients, the program could earn the Sooner State up to $150 million in sales revenue each year.
While the regulations could alter as lawmakers take hold of it, the bill's advocates stand ready to push back on any alterations that don't support the voters' wishes. According to the measure, citizens wanted a speedy licensing process with a marketplace owned by at least 75% of in-state residents, among other requests. One change that advocates for the bill support, however, is moving the program from the hands of the state department of health and moved to an independent committee to run the state's cannabis program.
Overall, the news is monumental and presents an exciting opportunity for Oklahomans. While lawmakers could always make some changes to cannabis accessibility, advocates appear ready to ensure that the voters receive what they voted for. Another positive sign comes from the state's Interim Health Commissioner Tom Bates who said that the framework for the program to move forward is in place. He said that there would be a lot to address, but the state will be ready to have applications available on the state's website within the next 30 days as the vote stipulated.
Opportunities for Rosin
Solventless rosin extraction has been on the rise in recent years. With the laws set to benefits home growers and businesses alike, rosin could be one of the most lucrative areas of the market for Oklahoma-based entrepreneurs. When looking at the current regulations, several areas stand out as selling points for producing rosin in Oklahoma.
With no limit on licenses, the market in Oklahoma is wide open. Furthermore, license fees are set at a modest startup cost of $2,500. If you want to keep costs low, why not invest in a rosin press machine? Unlike many cannabis operations, such as solvent-based extraction, a rosin pressing operation costs a fraction of other markets. Plus, rosin serves as one of the most versatile concentrates on the market. With a versatile product and low startup fees, rosin pressing could be the perfect addition to producers and home growers alike.
Oklahoma has set its possession limits higher than most states. That includes up to 3 ounces of personal possession at any time. At home, qualified Oklahomans call also have up to one ounce of concentrates, 72 ounces of edibles and eight ounces of marijuana. Additionally, they are allowed to cultivate six mature plants and six seedlings. With such high limits, producing rosin-based edibles and concentrates can be a literal goldmine for your burgeoning business.
Meanwhile, an additional sales tax of 7% is much lower than in other cities and states participating in medical and adult use markets. The lower tax percent should help lure in customers, deplete the black market and provide early market success for businesses. Overall, the proposed regulations for Oklahoma appear to be friendly to all areas of the supply chain. By tapping into a lucrative, emerging, healthier cannabis option, rosin pressing may be your advantage in the state’s second biggest landrace in history.
Since the news broke, we’ve heard from a handful of Sooners looking to break into the cannabis industry. If rosin is right for you, PurePressure’s team of expert consultants is ready to help get you started. Contact us for all the tips and tricks you need to navigate everything from regulations to production and distribution. In addition to getting you started, we’re happy to tap into our extensive network of cannabis professionals across the country so your venture can take off as smooth as possible.