Marijuana Business Factbook 2019

Marijuana Business Factbook 2019 Chapter 2 | State-By-State: Legal Overview, Market Data and Outlook 144 © Copyright 2020, Marijuana Business Daily , a division of Anne Holland Ventures Inc. You may NOT copy this Factbook, or make public the data and facts contained herein, in part or in whole. For more copies or editorial permissions, contact CustomerService@MJBizDaily.com or call (720) 213-5992, ext. 1. SUMMARY What to watch in 2020 Oklahoma’s wide-open medical marijuana market has seen explosive growth since voters approved an initiative in June 2018. Efforts to put restrictions on the program were thwarted by legal action, so the market is a virtual free-for-all. In 2019, the state racked up more than $345 million in MMJ sales, far surpassing analysts’ expectations. Oklahoma’s launch far outpaces that of other medical cannabis markets—including Illinois, Maryland and Ohio—with sales figures more akin to a recreational launch. While patient growth is expected to continue in 2020, it might not be enough to sustain the thousands of businesses trying to gain a foothold in the state’s MMJ market. According to a recent report, medical marijuana dispensaries in Oklahoma are engaged in a price war, fueled by an oversupply of retail stores and no qualifying medical conditions required for an MMJ card. Marijuana Business Opportunity Rank for 2020 A Although Oklahomans hoped the market would offer opportunities for mom-and-pop operations, the intensely competitive landscape is expected to favor well- heeled enterprises. Patient counts are nearly triple the 80,000 that regulators had expected during the first year and represent 5% of the state’s total population— significantly higher than any other MMJ program in the nation. Businesses without access to large amounts of capital might be able to find success by carving out a niche and/or partnering with other companies. The first round of business licenses began to expire in August with the number of dispensaries decreasing slightly due to nonrenewals. As more licenses expire in the coming months, information will surface about how many businesses were successful enough the first year to continue operations. OKLAHOMA Medical continued