Investing In Medical Marijuana in Oklahoma requires that you make certain allowances. Currently, marijuana for medical purposes is legal in Oklahoma, but it is still illegal for recreational use. Up to this point the state has not voted on a bill that allows marijuana use on a recreational basis. Recently, Oklahoma’s Governor Stitt announced that in March 2023 a special election will be held in the state asking voters to vote up or down on recreational use.
Since 2018, investment in the marijuana industry has exploded. Because of this you may wonder if investing in the Oklahoma medical marijuana industry would be a wise decision. This article and our business law attorneys will help you determine if you should invest now so you can watch your investment grow in the future.
Understand The Current Market
In the United States, the cannabis market is extremely different from state to state and even city to city. It is extremely difficult to keep up with what is legal in one state and what is not. Even certain towns have refused to offer permits to cannabis companies to eliminate the amount of business they can do in their town. If you are looking at investing, you can not assume that just because you were able to do one thing in Tulsa, it will be the same in Oklahoma City.
As an investor, it is important to understand how long cannabis has been legal and how it has matured in certain areas where you are looking at investing. Certain companies have the proper licenses to operate in multiple states, whereas others are only allowed to operate in one state. Before investing, it is important to research on your own to ensure the current market of cannabis.
Consider Regulations and Investing In Medical Marijuana
Since cannabis is currently a major debate topic among state legislatures and the main political parties, it has become a political issue. Because of this, it is important to consider the political climate of the area you are looking to invest in. This is especially important if you are considering investing in a company that may operate in multiple states. By looking into the political climate in those states, you will be able to make an informed decision on your investments. Along with the regulatory environment you should consider if there are certain laws about enforcing business contract disputes. In particular, its important to understand that federal courts will not enforce cases related to marijuana business disputes until it passes a federal law that legalizes marijuana.
Banking and Finance For Marijuana Businesses
When investing in an Oklahoma marijuana business there are a number of banking and finance issues to consider. Because the Federal government still lists marijuana as illegal substance many banking institutions are hesitant to allow deposits related to the industry. The general idea is that if the bank deposits are FDIC protected the bank is not likely to accept your business as a customer. For this reason many dispensary operators turn to smaller more regional banks to accept their deposits. Along with simple banking you have to pay attention to how you will accept payments and can you use debit and credit cards as payment.
Use Data To Make Decisions
When you are investing in new industries, you cannot rely on past trends to know what will happen. Although with today’s technology, you have access to real-time data on the markets and forecasts that can help you determine what will happen. These data points can help you make decisions and eliminate uncertainty about the future. As the cannabis industry matures, and Oklahoma votes in its special election, you can look at what has happened in other states to predict what will happen in Oklahoma. States like California and Colorado can act as a guideline to help predict the future of Oklahoma’s markets.
Business Attorneys Near You
An experienced team of business attorneys can help analyze your investments, help reduce your risk, and ensure future business success. By taking the time now to ensure you are making a smart investment, you will set yourself up for success in the future and allow your investment to grow. This will help your money work for you.
When making a properly advised and calculated business decision, there is a lot to consider. The attorneys at Kania Law Office are ready to help you make the right decisions so you can be prepared for your future. Call (918) 743-2233 today to schedule your appointment or contact us online.