As the Legislature once again considers legalizing cannabis, there are a few observations I would offer. Twenty-four states have legalized marijuana for medical use, with several others allowing recreational use as well. The industry is booming, with billions of dollars in revenue being generated each year. However, there are still many challenges facing the legal cannabis market, particularly in states like Oklahoma.
Some legal marijuana businesses in Edmond say they're being impacted by the state's crackdown on illegal grows. This crackdown has led to increased competition and lower prices for legal dispensaries. Additionally, the Oklahoma Supreme Court decided not to hear a lawsuit against new marijuana laws that drove up licensing fees and requirements to operate, further adding to the challenges faced by legal cannabis businesses in the state.
Has legal pot peaked in 'Tokelahoma'? It looks like it. Between the glut of medical marijuana causing prices to plummet and operations to shut down, the future of the legal cannabis market in Oklahoma is uncertain. Two recent decisions demonstrate that there is an emerging spectrum of potential relief for cannabis related businesses under the US Bankruptcy Code, but the road ahead is still rocky.