Oklahoma Marijuana Tax Revenue 2024

What is the Tax Rate for Marijuana in Oklahoma?

In Oklahoma, the regulation of medical cannabis includes a crucial 7% excise tax on retail sales, as authorized by State Question 788. This tax applies to transactions between licensed dispensaries and patients, ensuring that the state benefits from the legal sale of medical cannabis. Additionally, the state government is empowered to collect license application fees and fines to maintain regulatory compliance within the industry.

It's important to note that while medical cannabis is regulated and taxed, recreational use of cannabis remains illegal in Oklahoma. The state's legal framework strictly limits cannabis use to those with a valid medical purpose, reflecting a cautious yet progressive approach to cannabis regulation.

Oklahoma Cannabis Industry Taxes

Since the legalization of medical marijuana in Oklahoma in 2018, the state has seen significant revenue from the excise tax on marijuana businesses. Starting with $6.83M in 2019, the tax revenue increased dramatically, peaking at $66.10M in 2021. However, the subsequent years have seen a decline, with $60.22M collected in 2022 and $51.92M in 2023. Despite this recent decrease, the cumulative revenue highlights the substantial economic impact of marijuana businesses in Oklahoma, demonstrating the industry's growth and contribution to the state's finances.

Last updated: July 22, 2024

Source: Oklahoma Tax Commission