OKLAHOMA CITY - Tax collections for the medical marijuana industry hit a new high in August, showing revenue growth for the 11th straight month since the first tax collections in October 2018.
Oklahoma collected nearly $2.8 million in August in Medical Marijuana Tax, as well as nearly $3.6 million in sales tax at medical marijuana dispensaries. The tax revenues combined for more than $6.3 million.
The sales tax is assessed at the same rates as other products and varies throughout the state, while the Medical Marijuana Tax is a 7% additional tax for medical marijuana sold to consumers by dispensaries.
Both hit new highs for the industry, but are showing signs of slowing as the industry approaches an equilibrium point.