Oklahoma's Cannabis Oversupply: Boon For Economy Or Path To Crime?

Oklahoma's medical marijuana industry has seen an unprecedented rise, with about 10% of its residents now holding marijuana cards. Notably, there are no stringent medical prerequisites for acquiring one.

The surge in demand and the state's affordable licensing system has positioned Oklahoma ahead of established markets like Colorado, Oregon, Washington and California in terms of cannabis retail stores and farms.

However, this growth is not without its challenges.

See Also: Want To Buy A Cannabis Farm In Oklahoma? DOJ On Errors In Weed Arrest Data And Other Pot Reg Updates

Huge Cannabis Retail But Regulatory & Ownership Issues Abound

Oklahoma produces roughly 32 times more medical cannabis than its licensed patients require.

This oversupply raises concerns about illicit businesses operating alongside legitimate ones. The moment licenses became available, the state's industrial expansion experienced an abnormal proliferation of cannabis businesses, said Mark Woodward of the Oklahoma Bureau of Narcotics, as reported by CBN.

An investigation by the same bureau revealed that nearly 75% of marijuana farms in Oklahoma are owned by Chinese nationals.

This has led to scrutiny over potential black-market involvement and the strategies used to bypass laws preventing non-citizens from buying land. Local residents and lawyers have been implicated as intermediaries in these transactions.

Despite the industry's economic boost, Oklahoma has witnessed a spike in associated crime, homelessness and child neglect.

As a countermeasure, the state has imposed a two-year freeze on new cannabis licenses and residents recently voted against the legalization of recreational marijuana.

If you are interested in the state of Oklahoma’s cannabis industry, consider joining us at the 17th edition of the Benzinga Cannabis Capital Conference, which is returning to Chicago on September 27-28. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.

Read Next: Wild West Of Weed? Trafficking & Fraudulent Schemes In Oklahoma, What Are Authorities Doing About It?

Image by El Planteo