Already one of the largest and fastest-growing markets in the country, Oklahoma’s medical marijuana industry broke sales records as it reached $385 million half of this year, according to an analysis of Oklahoma Tax Commission. It is even expected to double this year and will reach $700 to $800 million sales according to the Marijuana Business Factbook.
The Oklahoma Medical Marijuana Authority (OMMA) is currently accepting medical marijuana licensing applications for the following marijuana businesses:
If you’re serious about starting a medical marijuana business in Oklahoma, you should check out the How To Start A Medical or Recreational Marijuana Business package to understand everything you need to know and do, from beginning to end, when starting your Oklahoma marijuana business.
Here are the steps you need to follow for all marijuana business types except for transporters where you need to have an approved dispensary, grower, or processor license before you apply for a transportation license.
. . .
Setup Your Marijuana Business Corporate Structure
You need to set up your cannabis company entity (corporation, LLC, partnership, etc) and register it to do business in Oklahoma with the Secretary of State Office.
Find a Compliant Location
You’ll need to find a compliant business location that meets the state, county, and city zoning regulations. This is one of the biggest make-or-break items that will directly impact whether you will get licensed, so take your time and ensure you get this right the first time or prepare for massive headaches later on if your location falls through or isn’t compliant.
Create a Marijuana Business Plan
A marijuana company business plan is the only way to get an accurate, real-world picture of the costs, revenue, and details required to start and have a flourishing business. They’re the blueprint for a business that will guide you through the start-up phase through 3-5 years into the future.
File Your Application
Step 1 – Make sure to meet the basic requirements
- Must be 25 or older.
Individual applicants must be Oklahoma residents.
Members, managers, and board members of entity applicants must all be Oklahoma residents.
Entities must show that at least 75% ownership is held by an Oklahoma resident.
Step 2 – Owners and officers must complete a background check
All owners and officers must provide a background check that shows no nonviolent felony convictions in the last two years and any other felony conviction in the last five years for any owner.
Step 3 – Create a User Account
You must first create a user account in the OMMA Portal before you can start the online application process. The following information is required:
- Applicant first & last name
Acceptance of terms and conditions for the website.
Step 4 – Submit your application online
(1) Provide general information about the commercial establishment
- Individual owner name or primary entity name for the commercial establishment
Type of commercial license
Trade name of the business
Phone number, fax number, and website
Business structure type
Office/operating hours (optional)
(2) Provide information about all owners and principal officers
- Name and contact details
Type of ID Document and its details like ID number and expiration date
Date of birth
Entity or Entities in which they have an affiliation or direct/indirect ownership
Relationship to a licensee, i.e. member, manager, board member, or owner.
Residence and mailing address
(3) Provide location information
- Physical address of the commercial establishment
GPS coordinates (latitude & longitude) of the physical location of the commercial establishment
Mailing address for the establishment
(4) Provide information about the primary contact and registered agent.
- Primary point of contact (PPOC) name
PPOC phone number, email, and address
(5) There will be a series of questions and verifications to acknowledge the authenticity of the documents and that proper processes were followed.
(6) Upload the following required documents:
- Affidavit of Lawful Presence Documentation
Upload a map demonstrating proposed dispensary location is not within 1,000 feet from any entrance of any public or private school (dispensary only)
Proof of Oklahoma residency for those persons representing the 75% ownership
Certificate of compliance
Certificate of Good Standing
Oklahoma Tax Permit (dispensary and processor only)
Ownership Disclosure Information
(7) Pay the annual fee of $2,500.
Install Operations Infrastructure
Now that you’ve submitted your applications for starting a medical marijuana business in Oklahoma and once your license(s) have been issued, it’s now time to start hiring people, buying equipment, and setting up your policies and procedures to ensure legal compliance and smooth operation.
Market Your Marijuana Business
Your business will live or die based on how well you market it to the public. There are some major pitfalls and hurdles you’ll have to overcome in order to do this legally and effectively. Marijuana businesses no longer sell themselves, so you’ll need to ensure you’ve got a great Marijuana Marketing & Advertising Plan in place to ensure success.
Pay Taxes & Renew Licenses
Pay all applicable taxes and be sure to renew your license online and pay the renewal fee of $2,500.