OKLAHOMA CITY (KFOR) – One month before voters decide on recreational marijuana, officials are releasing information about the impact of medical marijuana on the state.
On Tuesday, the Oklahoma Medical Marijuana Authority released its tax collections for the month of January.
State and Local Tax Revenue
The OMMA says $5.9 million were collected from state and local sales taxes on marijuana sold in January of 2023.
Officials say patients pay state and local sales tax when buying medical marijuana products at a dispensary. That money goes straight to the state government, city and county.
State and local sales tax revenue goes to pay for things like education, general state government, and municipal services.
State Question 788 Excise Tax Revenue
The OMMA says the state collected $4.48 million in SQ 788 Excise Tax Revenue from the sale of medical marijuana in January.
Officials say patients pay a 7% SQ 788 excise tax when buying medical marijuana products at a dispensary. That money goes to fulfill OMMA’s authorized budget, then 75% of excess revenue is earmarked for education.
The other 25% of excess revenue is earmarked for drug and alcohol rehabilitation services.
OMMA’s authorized budget is about $57 million per fiscal year.
State Question 820
On March 7, voters will head to the polls to voice their opinion on State Question 820.
Organizers say State Question 820 will safely legalize, regulate, and tax recreational marijuana for adults who are 21-years-old and older in Oklahoma. The marijuana would be subject to a 15% sales tax, as well as state and local sales taxes.
Supporters say the move will generate state revenue for schools, health care, and local governments.
However, critics argue that the state needs to place more restrictions on the marijuana industry, not less.