Voters in Oklahoma are on track to vote on legislation that would legalize recreational cannabis in the state. On March 7, 2023, Oklahomans will get the chance to vote for or against state question 820, which asks if voters would like to expand the state’s medical cannabis industry to include adult-use cannabis.
If Oklahomans vote in favor of the measure, Oklahoma will become the 22nd state in the nation to put a stop to marijuana prohibition.
The measure comes close to five years after Oklahoma residents turned out in record numbers to vote in favor of legalizing medical cannabis. Activists behind the legislation had tried to place the adult-use cannabis issue on the November 2022 ballot, but their efforts were unsuccessful after complaints at the Supreme Court caused them to miss deadlines.
In mid-October, Governor Kevin Stitt issued a proclamation stating that Oklahomans would get to vote on cannabis legalization during a special election in March.
State question 820 would make it legal for adults aged 21 years old and over to purchase and possess up to an ounce of marijuana. Adults would also be allowed to grow up to six seedlings and six mature cannabis plants at home for personal use. The Oklahoma Medical Marijuana Authority would be charged with regulating the new adult-use industry as well as issuing businesses with recreational cannabis licenses.
Recreational cannabis sales would be subject to a 15% excise tax, and the revenue generated from the tax will be put into an Oklahoma Marijuana Revenue Trust Fund. Once regulators have earmarked a certain percentage of the fund to cover administration costs for the state’s nascent adult-use program, 39% would go to a general fund, 30% to public education grants, and 20% would go to programs for substance misuse treatment and prevention.
Another 10% would go to the State Judicial Revolving Fund while 10% would be divided among the municipalities where cannabis sales took place. The measure would also have provisions to allow people with cannabis convictions to file for reversal of conviction, modification of judgment and sentence, resentencing or dismissal of case.
With around 60,000 Oklahomans currently estimated to have cannabis-related criminal charges on their records, the measure could have a major impact if it passes.
Former Oklahoma representative Ryan Kiesel added that the law would grant law enforcement with new tools to go after the cannabis black markets and illegal players within the state.
Oklahoma senior U.S. Sen. James Lankford, who remains opposed to cannabis legalization, urged Oklahomans to protect their communities and families by voting against the measure.
If this measure gains voter approval, Oklahoma could present additional opportunities to enterprises such as REZYFi Inc. which has focused on stepping up to give cannabis companies the funding they need in an environment where mainstream banks aren’t willing to do business with players in this industry.
NOTE TO INVESTORS: The latest news and updates relating to REZYFi Inc. are available in the company’s newsroom at https://cnw.fm/REZY
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