Oklahoma has made history -it’s the first state in the south and the 30th state in the United States to legalize the use of medical marijuana. While many welcomed the news, a new report suggests that the supply of medical marijuana may be far greater than the demand.
1. Oklahoma’s Unexpected Surplus of Cannabis
Just when you think you know what’s going on, Oklahoma takes a left turn. As of late, the state is facing an unexpected surplus of cannabis: there’s plenty of medical marijuana on the market and more hitting the shelves. Although the state is still trying to figure out how they are going to handle this sudden increase in pot supplies, a few things are clear:
- Oklahoma stands to benefit financially from this extra supply.
- Related businesses are experiencing a measurable impact from the uptick in cannabis production.
The Sooner State has certainly become a bright spot in the medical marijuana industry, offering a seemingly endless selection of options for energy, health, and more. Residents of Oklahoma are now able to enjoy a wide variety of cannabis-infused products, ranging from edibles and topicals to oils and capsules. In addition, some companies are even offering CBD-only products, making Oklahoma a haven for cannabis-friendly folks who want to access marijuana-based medicines without THC.
Given the size of the surplus, there’s no doubt that Oklahomans will have plenty of options when it comes to medical marijuana. So, if you’ve been thinking about giving it a try, now might be the perfect time.
2. Report Detects Inbalance in Demand and Supply of Medical Cannabis
A report from the National Alliance for Accessible Medicinal Cannabis reveals an alarming shortage of medical cannabis across the country. Uncontrolled demand and inadequate supply of cannabis products have created an unsustainable medical cannabis industry. The number of registered medical cannabis patients is far greater than the number of licensed producers, retailers and distributors combined.
In addition, the cost of medicinal cannabis is significantly more expensive in comparison to traditional pharmaceuticals, with limited access to quality cannabis results in patients forced to pay expensive prices. The uneven demand-supply equation has resulted in a situation where medical cannabis patients are not getting access to quality cannabis products.
- Unequal Access: The report reveals that it’s not only the patients who are not getting access to quality medicinal cannabis, but the whole industry is also at risk with the
rising discrepancies between demand and supply.
- Price Hike: Furthermore, the crude pricing strategies adopted by the producers and retailers are leading to an increase in the cost of medicinal cannabis.
3. Where Did the Unmet Demand Come From?
When looking into why unmet demand occurred, it can be broken down into two main categories: structural drivers and underlying conditions. Each of these can have a significant bearing on how and why unmet demand is created in an economic climate.
- Structural Drivers: Structural drivers refer to the underlying economic policies and systems that may be influencing economic activity. This could include restrictive fiscal policies, poor investment strategies, geopolitical instability, and government short-termism.
- Underlying Conditions:Underlying conditions refer to the current and impending economic environment that may be creating unmet demand. This could include the inability of small businesses to access capital to grow or invest in new services, shortages of skilled labour, technological advancements, and changes in consumer demand.
Currently, there are many structural and underlying conditions that are fueling the unmet demand existing in today’s economy. Therefore, it is important to consider both types of drivers and conditions in order to identify sustainable solutions to the problem.
4. Looking Towards a Brighter Future for Cannabis in Oklahoma
Oklahoma has bright prospects in the cannabis industry with recent changes to laws and regulations. The state has seen an incredible rise in the number of cannabis-related businesses and entrepreneurs who are investing and making a major economic impact.
Cannabis businesses are creating good quality jobs and helping to drive an increase in tax revenues. With the addition of new dispensaries and producers, Oklahoma residents will have access to better quality cannabis products than ever before. New research and development in the cannabis industry is also creating opportunities for innovative products and services, such as medical cannabis, to benefit the population.
- Cannabis Businesses: The influx of new cannabis-related businesses is driving job creation, increasing tax revenues, and providing access to better cannabis products.
- Research and Development: New research and development in the cannabis industry is giving way to new products and services that can benefit the population.
- Regulatory Changes: Recent changes to laws and regulations in Oklahoma are giving individuals and businesses greater access to the cannabis industry.
The future of medical marijuana supply in Oklahoma is still up for debate. While it’s clear that demand is not close to matching supply right now, an increase in demand could spur further legislative and regulatory changes in the future. For now, it’s clear that there is an excess of supply, but whether that’s a good thing or bad is something that will have to be decided in time.