OKLAHOMA CITY – According to a comprehensive third-party study of supply-and-demand within Oklahoma’s medical cannabis industry, the state has 32 times more regulated medical cannabis than is necessary to meet the demand of licensed patients.
Wednesday, the Oklahoma Medical Marijuana Authority (OMMA) released the commissioned study conducted by Cannabis Public Policy Consulting.
“First and foremost, OMMA is steadfast in our commitment to serving the needs of Oklahoma medical marijuana patients,” said Executive Director Adria Berry. “It is essential that we address this oversupply head-on, not only to ensure the integrity and sustainability of our medical marijuana market for our patients but to promote public safety and mitigate dangers that coincide with illicit marijuana activity for all Oklahomans.”
The study found the supply-and-demand ratio in Oklahoma is 64 grams of regulated medical cannabis supplied for every 1 gram of demand for a licensed patient. The study states a ratio of 2 grams of supply for every 1 gram of demand is a healthy market, putting Oklahoma’s functional supply-and-demand ratio at 32:1.
The study’s key findings also include:
The exponential oversupply of regulated cannabis suggested that licensed medical cannabis businesses are most likely contributing to an illicit market, both at the point of cultivation and retail sales.
The volume of oversupply and low barriers to market entry suggest the illicit market may be “hiding in plain sight.”
About 43% of cannabis consumed by Oklahomans comes from illicit sources.
The lack of production management tools in the law has aided in the development and growth of the massive oversupply issue.
“Through strategic partnerships, rigorous oversight, streamlined compliance monitoring, advancements of smart policies and stakeholder engagement, we can foster an environment that promotes safety and prevents large-scale diversion,” said Director Berry. “At OMMA, we understand the importance of transparency and will be providing updates on our progress.”
H/T: oklahoma.gov
