Oklahoma MMJ applications are booming. According to state officials, thousands of patients have already been given approval for medical marijuana licenses. State Question 788 allows 18+ to apply for an MMJ license if they have a note from their doctor. Once approved, a $100 application fee would get them a license.

The state only began accepting applications in August, and as of Dec. 9, 25,000 Oklahoma MMJ applications for patients have been submitted to the Oklahoma Medical Marijuana Authority (OMMA). In addition, 193 caregiver and 2,525 business applications were submitted. Approved applications:

  • 18,601 patient licenses
  • 134 caregiver licenses
  • 754 dispensary licenses
  • 1,206 grower licenses
  • 315 processor licenses

…For a grand total of 21,010 licenses that the OMMA has approved. And of course, with these license applications, comes application fees. The Oklahoma MMJ applications program has acquired almost $8 million as of Dec. 1.

Where Does All this Money Come From?

According to the OMMA, most of the almost $8 million comes from business applications. So that means, that the rest of the funds are from patient application fees. In the end, the goal is to fully fund the medical marijuana program in Oklahoma through these collections.

And Where Does It Go?

OMMA currently operates with approximately 15 to 20 individuals. Additionally, the state needs software as well as other equipment, computers, etc. Of course, Oklahoma does not necessarily expect to take in this much money each year with their MMJ program. Looking at other states and their implementation experiences, Oklahoma expects their MMJ program to cost about 2 to 3 million each year to fund. So, if sales remain consistent and theirs goes a similar path as other states, this funding estimate seems reasonable.

“We anticipate that if Oklahoma stays in what other states are doing and administratively, that we should have an annual fee of this program 2 to 3 million dollars so the OMMA should be able to self-fund.”

– Jed Green (New Health Solutions Oklahoma)

Green continued that, “Ultimately, this is a wonderful thing. We believe that the OMMA should be a freestanding state agency, and we hope that our legislators will get in that direction in the spring,” he said. “It’s already proven that with the $2,500 annual commercial license fees that this is an entity that could pay for itself.”

It’s Not Just Oklahoma MMJ Applications and Fees Bringing in the Dough

Furthermore, taxes on cannabis sales will bring in considerable funding as well. Currently, the tax rate is 7%, plus state and local taxes. Of course, this could change. Strictly speaking, State Question 788 passed with a 7% tax rate – with no additional taxes on top. Furthermore, the bill’s tax rate offers 75% of revenue to education and then 25% to mental health and substance abuse programs.

Oklahoma – Primed and Ready

We’re ready for the Oklahoma MMJ applications race. At Pinnacle, we believe the most important part is getting started on the strongest foundation possible. Knowledge is power. That’s why, you need to get the information to grow your business and grow your business-to-be…right now. Whether seasoned or newbie, Pinnacle Consultation is here to help build your business roadmap to setting up a thriving cannabis enterprise.

We can help you structure your business. Moreover, we’ll assist with opening a dispensary, walk you through the application process and compliance, and provide financial estimates. So, application-antsy? Our cannabusiness consultants can help guide you through any stage and provide you with a custom-tailored solution. Schedule a sit-down with one of our experts today.