Oklahoma Reaps Benefits Of Medical Marijuana Tax Revenue, Adult-Use Vote Slated For March 7

Oklahoma collected some $5.9 million from state and local sales taxes on marijuana sold in January, reported MSN citing Oklahoma Medical Marijuana Authority (OMMA) data.

Since voters passed State Question 788 in June 2018, Oklahoma has registered scores of patients, opened businesses, and generated revenue.

Following this movement, the state collected $4.48 million in SQ 788 Excise Tax Revenue from medicinal cannabis sales in January.

According to officials, patients pay "a 7% SQ 788 excise tax when buying medical marijuana products at a dispensary. That money goes to fulfill OMMA’s authorized budget, then 75% of excess revenue is earmarked for education. The other 25% of excess revenue is earmarked for drug and alcohol rehabilitation services."

OMMA’s authorized budget is about $57 million per fiscal year, per MSN.

OK's Question 820

Oklahomans will decide on the legalization of recreational marijuana on March 7.

After the state Supreme Court rejected a lawsuit seeking to put the measure on last fall's ballot, Republican Gov. Kevin Stitt declared a special election allowing Oklahomans to vote on the state's Question 820 in 2023.

State Question 820, would legalize, regulate and tax recreational marijuana for adults 21 and older, as well as overturn cannabis convictions and enable those people affected to have their criminal records expunged. It will also generate state revenue for essential priorities, including schools, health care, local governments, and lawmakers to regulate the industry to protect public health and safety.

Finally, the state is projected to garner over $4 billion in combined medical and recreational marijuana sales between 2024 and 2028.

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