Rx marijuana sales start ’21 on high note

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  • Medical Marijuana Receipts SW Oklahoma
  • 28 Month Medical Marijuana Receipts
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OKLAHOMA CITY – Medical marijuana sales in Oklahoma started 2021 on a high note.

]The 7% state tax on purchases of medical marijuana products generated $5.22 million in tax receipts last month, a 59.65% increase from January 2020. The MMJ taxes, coupled with the $6.77 million in state and local sales taxes collected on MMJ purchases, produced a combined total of $11.75 million in tax receipts.

The $5.22 million in MMJ taxes represented $74.61 million in sales – an average of $201.34 for each of the 370,591 individuals with active licenses authorizing them to buy MMJ products. The 7% MMJ levy has produced $80.47 million in 28 months, Oklahoma Tax Commission ledgers reflect.

State Question 788, which voters across the state endorsed in 2018 to legalize medical marijuana use in Oklahoma, decrees that 75% of any surplus tax revenue from medical marijuana sales will be routed to the state’s General Revenue Fund and may be spent only for common education. The remaining 25% is earmarked for state Health Department drug and alcohol rehabilitation programs.

“Surplus” means any tax proceeds that exceed the agency’s operational budget. Terri Watkins, the Medical Marijuana Authority public information officer, said the Authority’s operating budget last year was approximately $25 million.

In a related matter, cannabis sales across the country during the Valentine’s Day weekend topped $170 million, with the consumer base trending toward women.

That’s according to Akerna, an enterprise software, compliance technology provider, and developer of the cannabis industry’s first seed-to-sale enterprise resource planning software technology.

Cannabis flower was a popular product for the 2021 Valentine’s Day weekend, accounting for 48% of all sales, with a 3% gain in average market share over the other categories (flower, cartridges, pens, concentrates, infused edibles), Akerna reported. This rise was likely driven by the increase in female purchases of flower.

Women spent 35% of their cannabis dollars on flower last year, but that number has increased this year to 45%, Akerna research shows.

“Women continue to be the fastest-growing consumer segment in the cannabis industry and have traditionally driven most household purchases,” said James Ahrendt of Akerna. “This trend in consumer demographics is prompting the need for cannabis, CBD and hemp brands to gear their products and branding toward the female consumer.”

In total, cannabis consumers spent approximately $170 million during the 2021 Valentine’s Day weekend (February 12-14), with Friday (2/12) sales taking 46% of that sum.

According to the National Conference of State Legislatures, three dozen states (including Oklahoma) have medical and/or recreational marijuana programs.