The number of medical cannabis business licenses in Oklahoma fell by a third in 2024 as the industry experienced its second year of downturn after lawmakers passed a bill in 2022 to rein in the state’s initially rampant cannabis sector, The Oklahoman reports.
Data from the Oklahoma Medical Marijuana Authority shows that the total number of cannabis business licenses in the state — including dispensaries, cultivators, processors, and transporters — dropped from about 8,700 a year ago to just 5,811 by the end of 2024.
Lawmakers set a moratorium on the licensing of new medical cannabis businesses in 2022, which will expire in 2026. While the moratorium is in effect, anyone wishing to acquire a medical cannabis license in Oklahoma will need to purchase one from an existing licensee, and regulators must approve the transaction, the report said.
Oklahoma’s initially lax medical cannabis rules did not include a licensing cap and, with a fairly low barrier to entry, the industry quickly ballooned to become far larger than what Oklahoma patients require.
Earlier this year, the Oklahoma Medical Marijuana Authority announced layoffs for 10% of its employees to match the industry’s continued downturn.
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