Oklahoma Cannabis Industry Successfully Navigates Contentious Legislative Session

2.1 min readPublished On: May 12th, 2023By

OKLAHOMA– Despite concerns over a potential crackdown on Oklahoma’s medical cannabis market following the failure of a recreational marijuana legalization ballot question in March, the state’s cannabis industry has managed to avoid a disastrous outcome during the recent legislative session.

Lobbyists representing the cannabis sector have been working diligently to mitigate the impact of several bills aimed at tightening regulations. One of the bills, House Bill 2095, seeks to grant new enforcement powers to various state agencies, allowing them to closely monitor and regulate cultivators. Additionally, Senate Bill 913 proposes a requirement for growers to purchase a $50,000 state bond to ensure proper “site cleanup” if they abandon their cultivation operations.

Furthermore, an existing bill from the previous year, HB 2179, seeks to raise annual licensing fees significantly. However, Jed Green, director of Oklahomans for Responsible Cannabis Action, a group actively involved in lobbying for marijuana policy, has expressed intentions to challenge the fee hike in court, along with the newly proposed bills. Green is optimistic that these measures will be struck down, estimating potential savings of between $75 million and $125 million in license fees for the industry if successful.

The legislative session is scheduled to adjourn on May 26, and the ongoing political feud within the Republican Party between Governor Kevin Stitt and some Republican lawmakers has limited the time and attention available for pushing additional anti-cannabis bills through before the session’s end.

While some bills have been favorably received or have minimal impact on the cannabis industry, such as those related to cannabis tax allocation, the industry has managed to prevent the passage of numerous potentially detrimental bills. Out of the approximately 80 bills initially presented, only 8-10 are expected to pass, according to Green. This success in advocacy is seen as a positive outcome for the industry, considering the initial challenges faced.

Although concerns remain regarding the scrutiny of “bad actors” within the industry, Green believes that the media’s narrative surrounding an impending crackdown has been overstated. While a few cannabis-related bills are still being monitored by Oklahomans for Responsible Cannabis Action, most of the contentious proposals have already been defeated.

“We didn’t get anything that really benefited our industry. We don’t expect to around here, out of our legislature,” Green remarked. “As far as this legislative session went, we’re in pretty good shape.”

As the legislative session draws to a close, the Oklahoma cannabis industry can breathe a cautious sigh of relief, having successfully navigated a challenging environment and mitigated potential regulatory hurdles.

About the Author: News Team

Newsteam at Highly Capitalized are some of the most experienced writers in cannabis and psychedelics business & finance. We cover capital markets, finance, branding, marketing and everything important in between. Most of all, we follow the money.

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