Oklahoma: The 30th State to Legalize Medical Marijuana!
With the passing of Question 788 on June 26th, Oklahoma becomes the 30th state to legalize medical marijuana. Like California in 1996, the State has taken a hands-off approach by implementing minimal regulations or restrictions. The absence of a clear framework of regulations has many potential cannabis entrepreneurs feeling nervous. MJ Freeway has a team of consultants, all veteran industry professionals, that can help.
Too little regulation
In 1996, when California legalized medical marijuana, they did exactly what Oklahoma is doing right now; no state system and very minimal regulations. Now, 22 years later, California’s cannabis industry is facing major changes. New track & trace rules, testing standards, and other compliance requirements are being added and frequently overwhelm the industry. This has created a backlog to obtain licenses. For those companies who initially took the path of self-recording sales, they are now having to provide state system reports with their compliance standards.
Michigan has also struggled. Numerous retail outlets risked closure on Sep. 15 of this year, causing an extreme setback for the growing industry. Luckily a last-minute injunction by Judge Stephan Borrello allowed these existing retail locations to continue operating. They now have until December 15th to update and prove their compliance. These licensed dispensaries are some of the few granted approval in the entire state.
Too much regulation:
Ohio proposed a recreational cannabis bill with heavy regulation that was voted down by the people. They denied the bill because they feared the government would only provide minimal licenses to the public. This could give wealthy individuals the ability to dominate the industry with no chance to the small farmer.
The Path Forward:
Cannabis companies in Oklahoma who are obtaining licenses now may eventually have to go through stricter regulations down the road, similar to other states. Once a state system is in place, it is only a matter of time before more defined regulations are proposed. Changing your business plan to match the inevitable changes in the State regulations is key to becoming and remaining profitable.
Our team of consulting professional have assisted dozens of clients in navigating the changing world that is cannabis compliance. From the addition of “seed to sale” inventory tracking software systems to the development of business optimization plans specific to your business, the Professional Services and Consulting team can provide your business with the flexibility and resilience to weather the chaos of this burgeoning industry.
We keep high hopes that the cannabis industry in Oklahoma isn’t dominated by a few large businesses. This lucrative industry has room for growth and development for farmers.
Oklahoma’s government and residents are giving the responsibility to the public. The business owners and growers will be held accountable for their actions and compliances. It is ideal to provide business to the small farmers which will create a booming local job market.
How can OK companies show they do not need strict regulations and will stay compliant with other standards used by other states? They can prove to the world that they will be responsible, proud cannabis business owners and employees. They are capable of creating their own compliance standards and actually remain compliant.
By utilizing MJ Freeway’s consulting professionals, you can get a head start and keep up with changing federal and state compliance standards. MJ Freeway Cannabis Software can help you manage accountability and product inventories, better service your clients, and help provide the return on investment that your shareholders demand. In the long run, this technology tool will take your business to the next level, stay ahead of your competition, and help provide growth in your state which, in turn, provides support for Federal legalization.
Just like any other business development, it is important to effectively utilize marketing analytics and strategic business management to help grow your company. Understanding which target markets are in your area and creating a strong brand for your company are very important. Marketing analytics can be time consuming and costly but worth it! Short term you’ll stay regulated & compliant. Long term, you’ll realize growth & profit. You should choose a software system that is experienced in the industry, easy for your team to adapt to, and doesn’t break the bank.
Through accountability and responsibility, Oklahoma dispensaries and growers can be a pillar of the cannabis community.
Learn from past examples, be a responsible cannabis business owner & grow the future of cannabis in our world!