Medical Marijuana is a fast growing industry in Oklahoma with opportunity for substantial profit. It is a heavily regulated business that requires everything be done strictly according to law. Failure to comply can have much more serious consequences than with other businesses.
Oklahoma has the lowest cost of entry into the business and currently with no caps on the number of licenses available. Commercial licenses include: 1) Dispensary 2) Processor 3) Grower and 4) Transporter. There are also licenses for laboratory testing and educational licenses also.
The licensing and regulation is governed by the Oklahoma Medical Marijuana Authority. Commercial License fees are $2,500, and there are other licenses and fees depending on the type marijuana business and the laws of the city or county where you operate. Growers must register with the Department of Agriculture. Registration with the Oklahoma Bureau of Narcotics is required for some licenses.
Medical Marijuana business must be at least 75% owned by an Oklahoma resident. There is a 2 year Oklahoma Residency requirement, or 5 continuous years out of the last 25 years, if you resided in Oklahoma previously and just moved back. A criminal background check is required. The applicant must have no non-violent felony in the last 2 years and no felony of any kind the past 5 years.
There are many other regulations and requirements to consider. We can guide you through the process of a new license application or help renew an existing license. We can also assist in the sale of a medical marijuana business, adding or removing owners or a change of business location. If you are an out of state investor looking for opportunities, we can help you enter in the Oklahoma market.
Call The Metro Law Firm, PLLC today 405.757.0050 for more information.