Survival Strategy: Oklahoma Cannabis Compliance
April 5, 2019
April 5, 2019
Cannabis Compliance Tips for Oklahoma Cultivators
The proposed permanent rules for the Oklahoma Medical Marijuana Authority that were passed by the legislature are serious business for all operators in Oklahoma, but cultivators have the best opportunity to get out ahead of them. The proposed rules are not yet in effect, meaning that further measures/requirements could be added by the time the rules are finalized. The new proposed regulations represent the minimum of what will be required of Oklahoma cannabis operators.
Making sure your business is compliant and efficient is the best way to survive the coming “race to the bottom” in price per pound in Oklahoma. Our Founding Partners were two of the first operators in Colorado when regulations were just developing there ten years ago, and we know Oklahoma is in a similar position now. The market is fairly saturated. Prices and business partnerships are shaky but stabilizing. Regulations are on the horizon and will soon govern all that you do. Bottom line: a reckoning is coming in the form of new rules, and there will be businesses that don’t survive. Start preparing your cultivation operation now.
Compliance is extremely important. Regulators remain concerned about the legalization of medical cannabis and are scrupulously evaluating all aspects of your business; failure to comply with regulations could result in fines, license forfeiture, or criminal charges.
You could already be out of compliance:
The answers to these questions will help determine if your cannabis business is prepared when regulations start being enforced in August.
Top 3 Ways to Prepare for Oklahoma Regulations
- Get an external audit
- Get to know your local regulators / city officials
- Get an idea of your business’ areas of risk for compliance