Oklahoma medical cannabis sales surge to $4 million in January

Just Released! Get realistic market forecasts, state-by-state insights and benchmarks with the new 2024 MJBiz Factbook member program, now with quarterly updates. Make informed decisions.

The nascent Oklahoma medical marijuana program continues to post strong initial numbers, with retail sales topping $4.3 million in January, a fourfold increase from the previous month, according to state Tax Commission figures.

That jump is for a program that was approved by voters only last June.

The Oklahoma Medical Marijuana Authority said it has generated more than $13 million in licensing fees. The state, meanwhile, took in $305,265 in tax revenue in January based on a 7% retail sales tax.

State medical marijuana regulators have received 3,466 business applications since the start of the business-friendly program, according to figures posted Feb. 11.

Business licenses have been approved for 1,600 growers, 436 processors and 947 dispensaries, although only a small portion of those companies are in operation.

Nearly 44,000 patients have been approved for state’s medical marijuana program.

The Marijuana Business Factbook projects that Oklahoma’s medical marijuana market has the potential to generate $150 million-$250 million a year once it matures. Such maturation usually comes several years after a program’s launch.

– Associated Press and Marijuana Business Daily