Over 10,000 certified businesses have been operating in Oklahoma’s expanding medical marijuana market as of now. It’s no secret that proprietors of medical marijuana dispensaries make good money in this state. But everyone wants to know how much money they actually make.
This question has a complicated answer that depends on numerous variables. A Marijuana Business Daily poll found that the typical Oklahoma dispensary owner earns roughly $250,000 per year. The size and location of the dispensary, as well as the owner’s commercial skills, can all affect this number.
The 280e tax, which forbids firms that sell illegal narcotics from receiving ordinary business deductions, is one important element that influences dispensary owner revenues. This means that proprietors of dispensaries cannot deduct from their taxes costs like rent, utilities, advertising, and employee pay. Their taxable income may therefore be considerably greater than their real income.
Another approach to make money in the medical marijuana sector is to start a grow house. The procedure is more difficult than just starting a dispensary, though. You must first receive a license from the Oklahoma Medical Marijuana Authority (OMMA) in order to start a grow house in Oklahoma. Along with investing in staff and equipment, you also need to find a location that complies with applicable zoning laws.
Patients are permitted to buy up to three ounces of useable marijuana, one ounce of concentrate, 72 ounces of edible marijuana, and up to eight ounces of items infused with marijuana from a dispensary in Oklahoma at once. Dispensaries may, however, impose their own restrictions in accordance with their stock and supply.
Last but not least, it’s important to note that Oklahoma is not the only state with a booming medical marijuana market. Since legalizing medicinal marijuana in 2000, Colorado, for instance, has led the way in the sector. The Colorado Department of Revenue said that dispensaries in Colorado generated over $2 billion in revenue in just 2020.
Conclusion: Depending on a variety of variables like location, size, and business savvy, dispensary owner earnings in Oklahoma might vary significantly. Despite the lucrative nature of the market, it’s critical to be aware of the 280e tax and the startup expenditures for grow houses. We may anticipate more business prospects as the medicinal marijuana sector expands for those hoping to profit from this rapidly expanding market.