OKLAHOMA CITY – Medical marijuana sales in Oklahoma finally may have reached the saturation point.
January marked the second time in 15 months that tax receipts from medical marijuana sales registered a month-over-month decline.
In those five quarters, medical marijuana sales have produced $62.6 million in tax revenue: $27.49 million from the 7% levy on medical marijuana and $35.11 million from the 4.5% state sales tax plus local sales taxes that vary in rates from town to town.
As the accompanying chart shows, month-over-month tax receipts declined in November 2019 and again in January 2020.
Although tax collections have dipped slightly, the number of companies across the state engaged in the medical marijuana business continues to grow: to 9,447 by Jan. 29 – an increase of 454 licensees in a little over a month. Licensed companies include 2,296 dispensaries, 5,671 growers and 1,480 processors.
In addition, the number of licenses issued by the State Health Department to buy and consume medical marijuana products has grown to 235,786, which includes patients, growers, caregivers, processors, labs and dispensaries, Oklahoma Medical Marijuana Authority spokesperson Terri Watkins said Thursday. That number constituted almost 6% of the state’s estimated population of 3.95 million.