OKLAHOMA CITY – The coronavirus has been a windfall for Oklahoma’s medical marijuana industry.
With many Oklahomans stuck at home most of the past month and a half because of the global pandemic, marijuana sales in Oklahoma continued on an upward trajectory in May. Sales and tax revenues from marijuana increased in May for the 17th time in the last 20 months.
Marijuana sales last month soared to a record $73.84 million – an average of $261.37 for each of the state’s 282,511 licensed patients counted May 1 by the state Medical Marijuana Authority.
The 7% marijuana tax generated $5.16 million in May, a 20% increase over the preceding month. Additionally, state and local tax collections from sales of medical marijuana products generated $6.5 million in May, for combined tax receipts of $11.67 million – an increase of $1.89 million above total marijuana tax receipts reported in April.
Medical marijuana has produced almost $100 million in taxes in just the past 18 months, ledgers show.
Marijuana tax collections in Marlow shot up 55% in May compared to the preceding month; in Duncan, 43%; Mangum, 83%; Altus, almost 25%; and Lawton, 19%.