Senate approves bill requiring disclosure of foreign investments in medical marijuana businesses

OKLAHOMA CITY – The full Senate has approved legislation to ensure disclosure of foreign investments in medical marijuana businesses.  House Bill 2272, by Sen. Casey Murdock, R-Felt, and Rep. Josh West, R-Grove, was requested by Attorney General Mike Hunter.  The measure was approved in the Senate on Wednesday.

“The issue of foreign investors purchasing land and facilities in Oklahoma in order to get into the medical marijuana business is something folks in my district are increasingly concerned about, and one that is a concern throughout the entire state,” Murdock said.  “This bill is aimed at creating transparency and accountability in our medical marijuana statutes when it comes to foreign investments.”

HB 2272 would require current medical marijuana business licensees and applicants seeking licensure as a medical marijuana business to respectively submit an attestation confirming or denying the existence of any foreign financial interests in the medical marijuana business operation, and to disclose such ownership within 60 days to the Oklahoma State Bureau of Narcotics and Dangerous Drugs. Failure to submit the attestation or accompanying information within the specified period would result in the immediate revocation of the medical marijuana business license.

The measure also would require the Oklahoma Medical Marijuana Authority to schedule an on-site meeting and compliance inspection of medical marijuana dispensaries, commercial grower sites, and processing sites, beginning Sept. 1, 2021, to verify whether the licensee is actively operating or working towards operational status.  Failure to provide proof of active operation or working towards operational status within the specified time would result in the termination of medical marijuana business licenses.

“This is a good first step at slowing down the black market, which is thriving in Oklahoma in this industry,” West said. “We’ve got more work to do to get this measure through the entire legislative process, but I appreciate Senator Murdock for carrying it this far.”

HB 2272 now returns to the House for consideration of Senate amendments.

For more information, contact Sen. Casey Murdock at 405-521-5626 or email Casey.Murdock@oksenate.gov