Oklahoma may become the next state to legalize adult-use cannabis, as voters have their say on the matter during a single-issue special election today. State Question 820 was left off the ballot last fall, after the Oklahoma Supreme Court flagged the petitioners for a missed deadline (long story), but Gov. Kevin Stitt called this March 7 vote specifically to give the electorate a shot at the issue.
Polls will be open 7 a.m. to 7 p.m. CT.
As law firm Vicente Sederberg LLP pointed out in an economic impact report, this measure could generate more than $1.8 billion in adult-use cannabis sales over the next five years—good for $434 million in new tax revenue. Setting aside the financials, this measure would also be a cultural win for a state that has quickly positioned itself as a bold market leader in the U.S., with a medical cannabis regulatory scheme that’s allowed thousands of growers to set up shop legally.
If SQ 820 passes, Oklahoma will be the 22nd state to legalize adult-use cannabis. This move would follow state voters’ 2018 passage of medical cannabis legalization (by a 57-43 margin).
At a high level, here is what the current ballot measure proposes, quoting directly:
- The Oklahoma Tax Commission will collect a 15% excise tax on recreational use sales, above applicable sales taxes. Excise tax revenues will fund implementation of the law, with any surplus revenues going to public school programs to address substance abuse and improve student retention (30%), the General Revenue Fund (30%), drug addiction treatment programs (20%), courts (10%), and local governments (10%).
- A local government may prohibit or restrict recreational marijuana use on the property of the local government and regulate the time, place, and manner of the operation of marijuana businesses within its boundaries. However, a local government may not limit the number of, or completely prohibit, such businesses.
- For the first two years, marijuana business licenses are available only to existing licensees in operation one year or more.
- The law does not affect the rights of medical marijuana patients or licensees.
- The law requires resentencing, reversing, modifying, and expunging certain prior marijuana-related judgments and sentences unless the State proves an unreasonable risk to a person.
- The Oklahoma Medical Marijuana Authority (OMMA) is authorized to administer and enforce the law.
Bookies.com went so far as to set odds on this ballot issue, giving SQ 820 a 64.29% chance of passing.
