ACRGF - For Cannabis Oklahoma's More Than OK
The cannabis industry has had a rough few months, with disappointing earnings from several companies and an FDA crackdown on aggressive advertising. But in the midst of all this turbulence, one very unlikely state has offered the industry much-needed good news. And it could present the next big growth opportunity in the cannabis industry –– one both companies and investors might overlook.
As a market for cannabis, Oklahoma may not register on a lot of people's radars – but perhaps it should. As of November, more than 200,000 people in the state now have medical marijuana cards – a significant 5% of the state's roughly 4 million people. To put that into perspective, consider that Florida, one of the hottest states for medical marijuana, has over 300,000 registered medical marijuana users, just 1.4% of its more than 21 million residents.
The Oklahoma Medical Marijuana Authority has been issuing cards at a rapid pace. As of July 1, the state had approved 146,381 applications, more than double the 63,467 that were approved back in March. In less than four months, the number of medical marijuana cardholders more than doubled. Florida was hovering around the 200,000-cardholder mark in February. While about 100,000 more people have signed up since then, its growth rate has been closer to 50%. But given the high number of medical marijuana patients registered in Florida, it would be a tall task to be able to double that figure.