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‘People just can’t pay their bills’: Oklahoma’s wild marijuana market is about to shrivel up

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Most careful market observers estimate that hundreds more companies – and perhaps thousands – will raise the flag of capitulation in the coming months. Baker predicts that two-thirds of Oklahoma’s medical marijuana businesses will eventually disappear.

Chris Moe, a medical marijuana patient and advocate widely known as “Uncle Grumpy,” thinks the bloodshed will be even worse: 80 percent of businesses, he predicts, will be gone by the first anniversary of the failure of the referendum.

“The priority is repression. The priority is to shrink the industry,” Moe said. “Who wants this? Everyone. The only ones who don’t want the industry to go backwards are the ones who know they’re going to lose everything.”

The next big shake-up in the weed industry is about to take place on October 31st. This is when all businesses… there were 10,278 as of October 2 – must renew their licenses with the Oklahoma Bureau of Narcotics and Dangerous Drugs. For the first time since the medical marketplace launched five years ago, OBN is requiring businesses to provide proof that they have a valid certificate of occupancy for their facilities.

OBN officials say they were prompted to step up enforcement due to at least 10 fires at marijuana manufacturing facilities since 2021. In one incident, 10,000 acres of land were burned, prompting the National Guard to be mobilized to fight the fire. On two occasions, OBN agents were present when fires broke out at marijuana cultivation facilities.

While requiring a certificate of occupancy is not new, there is broad consensus that many weed businesses are not in compliance and will be unable to renew their licenses.

“Many people in the marijuana industry did not do their due diligence and should have known better,” Fetgatter said. “If you are starting a business, you need to know all the guidelines. »

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Cnn

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