Medical marijuana taxes surpass $5M

Medical marijuana tax revenues jumped, again.

Total taxes collected in the industry surpassed $5 million for the first time in a single month, with the state collecting more than $5.6 million in July.

Oklahoma collected more than $2.5 million from a 7% medical marijuana tax and sales tax collections, which surpassed $3.1 million for the month. Sales taxes are collected on consumer purchases made at dispensaries across the state.

This sum has increased every single month since the first reported collections in October. Collections grew more than 226,000% in that time, when the October collections were a total of $2,491.05.

July's sum is more than $735,000 greater than the total collected in June, which was nearly $4.9 million.

The medical marijuana tax revenue was 15% greater than June, jumping from nearly $2.2 million to $2.5 million.

Month-to-month percent change rates for the medical marijuana tax and sales taxes in the industry are slowing, indicating the state may be nearing an equilibrium point for revenues, though it appears likely it hasn't yet been reached.

Oklahoma surpassed $21 million collected from the industry when combining all 10 months with reported revenues. That amount is comprised of more than $9.3 million in medical marijuana tax and more than $11.9 million in sales tax.

The state has more than 6,500 approved medical marijuana business licenses, with some in every county. That includes nearly 1,700 dispensaries in 69 counties. There are more than 160,000 approved medical marijuana patients.