Pot of Gold: Jobs, Revenue, and More
Video Transcribed: In what ways has the medical marijuana industry impacted Oklahoma’s economy and job market? I am Oklahoma Medical Marijuana Business Attorney Ope Adegbuyi.
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.
Here are a few ways that it has impacted the economy and job market. Number one would be job creation. The medical marijuana industry has created thousands of jobs in Oklahoma, including positions in cultivation, processing, dispensing, and transportation. In 2020, it was estimated that the medical marijuana industry employed over 10,000 people.
Number two would be increased tax revenue. Medical marijuana has generated significant tax revenue for the state of Oklahoma. In 2020, medical marijuana sales in the state totaled over $830 million, resulting in over $134 million in tax revenue.
The third thing would be real estate development. The growth in the medical marijuana industry has also led to increased demand for real estate, particularly for properties suitable for cultivation and processing facilities. This has led to new real estate development opportunities and increased property values in some areas.
The fourth thing would be tourism. Oklahoma’s medical marijuana industry has attracted visitors from neighboring states, particularly Texas, where medical marijuana is not yet legal. This has led to increasing tourism spending and a boost in the state hospitality industry.
The fifth thing would be 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.
For more information about these details, you can contact me, a marijuana business compliance lawyer in Tulsa, at oklahomamedicalmarijuana.attorney.