Start Your Cannabis Business in Oklahoma
The cannabis business is thriving in Oklahoma. The marijuana market continues to flourish around the world, and with one out of every five Americans living in a state where they may buy marijuana for medical or recreational purposes, the sector is only going to get bigger. Oklahoma legalized medical cannabis in 2018 with the passage of Oklahoma State Question 788, a ballot measure that made it lawful for eligible patients in the state to access and use medical cannabis as a therapy for their illness. Medical cannabis is only available through state-licensed enterprises that are permitted to grow, manufacture, and sell the drug. In this article, we’ll go over how to start your cannabis business in Oklahoma, as well as how to get a license and what laws you should be aware of. Let’s get started!
Different types of business
It is critical to have a unique idea that solves an unmet need when launching a business in any market. To begin, you’ll need to determine which part of the marijuana market you want to work in. Dispensaries and grow operations are typically the first two sorts of cannabis businesses that come to mind. However, the cannabis sector encompasses much more than growing operations and stores. If you’re a foodie, consider starting your own food company. There are even plans to create cannabis-friendly hotels.
Steps for registering and acquiring a license
If you want to learn how to open a dispensary for business purposes in Oklahoma, you must be at least 25 years old. You should also have the following items on hand:
- Proof of Oklahoma residency
- A tax identification number as well as a general business license
- Valid documents of identification
You’ll need to fill out an application following the Oklahoma Medical Marijuana Authority’s guidelines to get a cannabis business license in Oklahoma. You will be required to submit marijuana business plans such as the ones below as part of your application:
- Business Plan
- Security Plan
- Financial Plan
- Patient/Customer Education Plan
- Community Benefits Plan
- Cultivation, Production, and/or Dispensing Plan
- Inventory Control Plan
- Record-keeping Plan
After you’ve put everything in place, you’ll need to evaluate your commitment. Not only do you need to be aware of current cannabis production and sales restrictions, but you also need to be aware of proposed legislation and amendments that could be implemented soon.
The next step to establishing your cannabis business in Oklahoma is finding a suitable property. You should keep checking the following:
- The cost of rent
- License cost
- License application fee
- Workers salary
- Transportation and storage of cannabis products
What are the dispensary laws in Oklahoma?
Even if you have a great cannabis business strategy, a lot of money, and a lot of customers who want what you’re selling, if you don’t follow the rules, you’ll be shut down, fined heavily, and maybe go to jail. Here are some laws to abide by when operating a dispensary in Oklahoma.
1. Sales limits
In Oklahoma, marijuana shops are not allowed to sell more than the following amounts in a single transaction:
- Three ounces of marijuana
- One-ounce concentrate
- 72 ounces of marijuana
2. Packaging and labels
Maintaining state compliance requires accurate labeling of retail cannabis items. Because recreational use is prohibited in Oklahoma, the state’s cannabis packaging rules differ from those in states where both recreational and medicinal use are permitted. It is critical to understand and adjust cannabis regulations to ensure that the drug is handled appropriately by both businesses and individuals. The following is a summary of Oklahoma’s cannabis packaging and labeling regulations:
- Minors should not be attracted to the package.
- It should just display basic information such as the company name and product details.
- False advertising is illegal, including medical claims and curative capabilities.
- Any federal trademark regulation or law shall not be infringed upon or violated by packages.
3. Penalties and Fines
Noncompliance is punishable by hefty fines. A first offense will result in a $5,000 fine, while a second offense will result in license revocation. As a result, you will require the support of technology to immediately inform you if the OMMA cannabis rules are changed. Possession of paraphernalia is a misdemeanor punishable by up to one year in prison and a $1,000 fine.
Owners of marijuana dispensaries in Oklahoma, like any other legitimate business, must pay taxes and provide the following information:
- All cannabis-related data is shared with other licensed businesses.
- Batch numbers are used to show the weight of cannabis purchased at wholesale.
- The number of plants that have been permitted to be relocated to new places.
- Records of all things that have become obsolete, including batch numbers that show the weight of cannabis sold
5. Patients and caregivers
To get and consume medicinal cannabis, patients must first obtain a valid medical marijuana card. Doctors may prescribe cannabis to patients for whatever disease they feel acceptable, allowing for a large patient pool. To legally shop at dispensaries, people must be registered with the state as medical marijuana patients or caregivers.
Tips for Oklahoma dispensaries on cannabis compliance
- Streamline compliance reporting for Metrc and OMMA: to ensure compliance, comply with OMMA reporting requirements and sync up with the cloud-based system metric.
- Use technology to stay within daily spending constraints: For you and your workers, a powerful cannabis point-of-sale (POS) system will automate this procedure. The Cova POS handles product conversions and notifies your personnel if they go over a medical marijuana patient’s daily purchase limit. These POS capabilities aren’t simply useful; they’re also crucial for protecting your dispensary from hefty fines or the revocation of its license.
- Remember to pay your taxes: Taxes must be paid by dispensary owners in Oklahoma, just like any other legal business. A 7% medical marijuana tax was approved by the state, on top of a 4.5 percent state retail tax and a city tax of up to 3.4 percent depending on location. Unlike many other states that have legalized marijuana, Oklahoma has chosen not to impose an excise tax on wholesale transactions between producers and sellers.
- Keep up with the latest regulation changes: As the owner of a medical cannabis dispensary, it is your responsibility to keep informed on the rules that affect your business. You should be aware of when Department of Health meetings are scheduled so that you may prepare ahead of time. As OMMA rules change, partner with a technology vendor that automatically upgrades their software. Avoiding costly compliance missteps necessitates effort and skill, and your best bet is to work with an experienced cannabis technology partner.
Why choose us?
At Lucky Leaf Expo, we’re dedicated to providing life-changing experiences through cannabis events that include educational, networking, and business growth possibilities. Our love for the cannabis sector drives us to deliver you the greatest and most well-attended cannabis trade exhibitions and events. We at Lucky Leaf have personally witnessed the wonderful effects of cannabis on people’s lives. We’ve seen people’s health and happiness improve. We’ve watched people uncover business options that weren’t viable just a few years ago, and we’ve seen cannabis’s growing influence on local economies. Find out more about the Lucky Leaf method and sign up for an expo near you! The benefits will outlast the two-day event!