Economy and Job Market
Since the legalization of medical marijuana in Oklahoma, the industry has grown exponentially. According to the Oklahoma Medical Marijuana Authority, there are now well over 15,000 licensed medical marijuana businesses in the state, including dispensaries, growers, processors, and transporters. This growth has had a significant impact on Oklahoma’s economy and job market.
Job Creation
One major impact of the medical marijuana industry in Oklahoma is job creation. The industry has created thousands of jobs in various sectors, including cultivation, processing, dispensing, and transportation. In 2020, it was estimated that over 10,000 people were employed in the medical marijuana industry.
Increased Tax Revenue
Another significant impact of the medical marijuana industry is the increased tax revenue it brings to Oklahoma. In 2020, medical marijuana sales in the state totaled over $830 million, resulting in over $134 million in tax revenue. This additional revenue can be used to fund various public services and initiatives.
Real Estate Development
The growth of the medical marijuana industry has also led to increased demand for real estate in Oklahoma, specifically properties suitable for cultivation and processing facilities. This increased demand has created new opportunities for real estate development and has even led to increased property values in certain areas.
Tourism Boost
Oklahoma’s medical marijuana industry has attracted visitors from neighboring states, particularly Texas, where medical marijuana is not yet legal. This influx of visitors has resulted in increased tourism spending and has provided a boost to the hospitality industry in Oklahoma.
Economic Diversity
The growth of the medical marijuana industry in Oklahoma has helped diversify the state’s economy, which has traditionally been reliant on the oil and gas industry. The medical marijuana industry provides a new source of revenue and employment opportunities for Oklahoma, reducing the state’s dependence on a single industry.
Ready to Learn More?
If you want more information about the impact of medical marijuana on Oklahoma’s economy and job market, or if you have any other questions, feel free to contact me, a marijuana business compliance lawyer in Tulsa, at oklahomamedicalmarijuana.attorney. I offer a low-cost consultation to discuss your specific needs and provide guidance in navigating the legal aspects of the industry. Don’t hesitate to reach out and learn more!