The world’s weed market, once booming with nearly 14,000 licensed medical marijuana businesses at its peak, has experienced a steady decline since Oklahoma voters overwhelmingly rejected a recreational legalization referendum in March.
Heightened enforcement by state regulators and law enforcement has forced numerous businesses to close their doors. Additionally, others have come to the realization that Oklahoma’s cannabis production is extraordinarily high—64 times more than necessary to meet the demands of the state’s medical patients, as highlighted by a recent study. Consequently, attempting to generate any profit from this oversaturated market has become an insurmountable challenge.
With the potential customer base gradually declining, the number of individuals enrolled in the medical program has decreased to nearly 350,000, from a previous high of over 385,000.
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Oklahoma serves as a cautionary tale for the nation’s marijuana legalization experiment, showcasing the amplified challenges faced by fledgling markets within its staunchly conservative climate.
The unlikely boom market has been sullied by dozens of raids on illegal cultivation sites, rampant diversion of products into the illicit market, allegations of human trafficking and grisly crimes, including a quadruple murder of Chinese nationals at a weed farm last November.
Struggling business owners express their relief that the crackdowns they have long awaited have finally arrived. They have grown increasingly frustrated in their efforts to compete with operators who ignore regulations and were hopeful that the market would experience significant growth following recreational legalization, especially with Texans venturing across the border.
But with the defeat of the ballot measure — every single county in the state voted against it — they’re now hoping that enough firms will fail that it will be more feasible to run a financially successful business.
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More from Oklahoma
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- Oklahoma has shut down nearly 1,000 marijuana farms since late 2020, with about 80% to 90% of them linked to Chinese organized crime rings.
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