Oklahoma Could Generate Nearly $500M if Recreational Pot is Legalized

Fierce campaigns on either side of the issue are about to sway the March 7 vote, but a new report released by the 820 campaign in favor of adult-use cannabis legalization, if enacted. , shows the myriad economic benefits Oklahoma can expect.

of reportentitled “Analysis of the Economic Impact and Taxes of Oklahoma Question 820,” outlines an analysis conducted by Vicente Sederberg LLP and the Oklahoma Cannabis Industry Association, which states that the state has 820 medical and recreational taxes combined. I found out that it is predicted to make $21 million. state question 820 Passed.

Of that $821 million tax revenue, $434 million will go to new state revenue generated by a proposed 15% excise tax on recreational sales, on top of standard state and local taxes. increase. Adult sales are expected to reach approximately $1.841 billion in recreational sales and $2.478 billion in medical sales to qualified patients over the same five-year period.

Looking ahead, Oklahoma will also generate more than $65 million in cannabis taxes from recreational sales in 2024 alone, estimated to rise to $105 million by 2028.

The analysis assumes recreational sales will begin on January 1, 2024, but could begin in 2023 if enacted. It also mentions the state’s current cannabis market trials to address falling wholesale prices. While most market observers say they believe this is temporary, the report conservatively assumes an average retail price of $175 per ounce.

The report predicts tax yields will decline as the Oklahoma market matures in 2028, “due to downward price pressure from business competition and free market economic principles.” The authors also say the report’s expected tax revenues are set at a more conservative pace than what other states have recently realized. That means states could generate much more tax revenue than the analysis predicts.

Oklahoma’s health care market has shown extraordinary strength since it was first enacted, so recreational legalization seems like the next logical step. It notes that the state has the highest patient-to-population ratio in the country, along with “impressive growth” since it approved .

Yes, 820 Campaign Manager Michelle Tilly said ABC 5 news That the group does not take special elections for granted. She stressed the need for a strong final push to ensure that the Oklahoma pros would come out and vote.

“You can feel the energy and intensity building up,” Tilly said. “More and more people are joining this effort because they want to know how they can help.”

Opposition parties have generally cited concerns for children in Oklahoma. One of the newly formed coalitions against legalizing recreational cannabis, titled “Protect Our Children No 820,” was led by Tulsa County District Attorney Steve Kunzweiler, former Governor Frank Keating and other officials who argue that access to cannabis actually hurts Oklahomans.

“The practical side of it is that it’s not safe for children. In fact, it’s not safe for adults. We don’t know enough about what these substances contain. I don’t think they have come close to what they promised us,” Kunzweiler said. 2 news oklahomaConveniently, it does not cite studies showing the dangers of cannabis for “all adults.”

Tilly claimed The SQ 820 will be a positive step towards actually protecting children in that each product is strictly regulated and tested. She also said the new income would help fund her education.

Contrary to DA claims, research shows that youth consumption is not increasing in states where recreational cannabis is legal. A 2022 study also explored the notion that cannabis legalization reduces children’s perceptions of the risks of cannabis harm, but found that individual child-level characteristics, rather than state policy, are responsible for cannabis use. found to be the primary indicator of young people’s attitudes towards