Oklahoma stands to generate nearly half a billion dollars in revenue from adult-use marijuana sales in the first five years of implementation if voters approve the reform at the ballot next month, according to a new economic analysis.
The Yes on 820 campaign released the report on Thursday, showing the state’s projected combined tax revenue from medical and recreational marijuana sales from 2024-2028 at $821 million.
The proposed 15 percent excise tax for adult-use cannabis products would account for more than half of that revenue, at $434 million, the analysis that was conducted by Vicente Sederberg LLP and the Oklahoma Cannabis Industry Association found.
Assuming passage, the state is estimated to bring in more than $65 million in cannabis tax dollars from recreational sales in 2024 after just one year of implementation, rising to an annual haul of $105 million by 2028.
Adult-use sales are expected to reach $1.8 billion over the first five years, while medical cannabis purchases are projected to be $2.5 billion during that time period for a combined total of $4.3 billion.
Via Vicente Sederberg LLP.
State Question 820 is on the special election ballot for Oklahoma on March 7—and advocates are strongly pushing voters to
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