Recent data shows Oklahoma has likely already hit its peak when it comes to medical marijuana revenue.
According to recent Oklahoma Tax Commission data, statewide dispensary revenue dropped to $10.75 million in October, which amounts to nearly 15% less revenue than the state’s peak revenue month in May. State dispensaries remitted $12.6 million in May.
The latest OTC data always reflects sales from two months prior.
October OTC data reflects the overall statewide revenue decrease dispensaries have experienced in recent months. Revenue has dropped significantly statewide since May, with dispensaries reporting more than $1 million less in revenue in October compared to September.
State dispensaries saw significant increases in revenue in March and April, which some in the industry attributed to increased consumer spending due to the COVID-19 pandemic. May’s record-breaking month marked a 38% increase in revenue compared to February, according to OTC data.
Norman marijuana revenue reflected the statewide decrease in revenue until October. According to OTC data, Norman dispensaries remitted $3.4 million in revenue in October, which marks their highest figure since the $4.7 million they remitted in July.
Moore dispensaries also saw an increase in October, remitting $1.2 million in revenue compared to $1.1 million in September.
As of Dec. 9, the Oklahoma Medical Marijuana Authority has 61 registered dispensaries listed in Norman, three more than were listed last month. The number of dispensaries in Norman had been steadily decreasing since March, prior to the latest OMMA data.
While statewide revenue has decreased, the overall marijuana market remains strong. According to OMMA data, there are nearly 10,000 dispensaries in the state and more than 365,000 residents are licensed card holders. The state is on track to double its marijuana revenue this year compared to 2019.
Medical and recreational marijuana continues to grow across the country as well. Voters in New Jersey, Arizona, South Dakota and Montana approved ballot measures on Nov. 3 that would legalize recreational marijuana. Residents in 35 states currently have access to medical or recreational marijuana, or both.
Momentum to legalize marijuana in some form has made its way to the federal level. Earlier this month, the U.S. House of Representatives passed a bill that would decriminalize marijuana use at the federal level, where it is still classified as a Schedule I drug. Schedule I drugs have no recognizable medicinal value.
Kendra Horn, OK-5, was the lone Oklahoma representative to vote yes on the bill.