No one truly knows how many cannabis businesses there are in Oklahoma. Until last year, the state had no way to verify if a license holder was actually doing business.
This fact is a sobering example of how quickly Oklahoma’s cannabis industry has grown, and shines a light on troubles OMMA has regulating the industry.
People who follow the cannabis industry might notice in 2022 a decreasing number of business licensees. The first large chunk of those will be businesses that did not comply with a new law aimed at negating the effect of foreign money.
Tag: Business
Arkansas Medical Marijuana Sales Total $264.9 Million In 2021
Eligible Arkansans spent $264.9 million on medical marijuana in 2021 with the state’s 37 licensed dispensaries, and sales recently surpassed $500 million since the first dispensaries were opened in May 2019.
Tax revenue from sales since 2019 totals $57.349 million, with $34.5 million of that collected in 2021. The data was provided by the Arkansas Department of Finance and Administration, the parent agency of the Arkansas Medical Marijuana Commission.
Taxes collected are 6.5% of regular state sales tax with each purchase by a patient, and a 4% privilege tax on sales from cultivators to dispensaries. Most of the tax revenue is placed in the University of Arkansas for Medical Sciences National Cancer Designation Trust Fund.
Oklahoma Rep. Terry O’Donnell Announces Resignation As House Speaker Pro Tempore
KJRH:
Oklahoma State Rep. Terry O’Donnell announced his resignation as House Speaker Pro Tempore after he said in a written statement he and his wife were processed at the Midwest City Jail on Thursday.
Gross State Revenue Breaks Record, Oklahoma’s Treasurer Says
Driven by a huge jump in retail sales, gross state tax revenue hit a record $1.4 billion in December, state Treasurer Randy McDaniel said Thursday.
The $15.2 billion collected in calendar year 2022 is also an all-time high, McDaniel said.
Gross state revenue is all tax receipts paid into the state treasury, including those collected on behalf of local governments and money later returned to taxpayers as refunds and rebates.
Sales and use tax receipts in December were nearly 20%, or $98.4 million, higher than for the same month a year ago and were nearly $800 million higher for the calendar year.
ArDOT Announces Beginning Of I-49 Corridor Construction At Chaffee Crossing
KNWA:
The Arkansas Department of Transportation Director Lorie Tudor announced January 7 that construction of the Inerstate 49 section from Chaffee Crossing in Barling to the Interstate 40 intersection at Alma will begin in the Fall of 2022.
According to a news release from Fort Chaffee Redevelopment Authority, the announcement came during Tudor’s presentation during the monthly First Friday Breakfast event hosted by the Fort Smith Regional Chamber of Commerce at the University of Arkansas-Fort Smith.
Arkansas Staging Economic Comeback, Study Finds
The final 2021 economic report from Creighton University showed the business conditions index in Arkansas climbing to 66.1 in December from 54.6 in November. In the region, stretching from Arkansas to Minnesota, the index improved in December to 64.6 from 60.2 the previous month. Any score above 50 on the survey’s indexes suggests growth.
The survey’s business confidence index, which looks ahead six months, rocketed from a weak 46.2 in November to 64 in December. The survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
How Oklahoma Became A Marijuana Boom State
Across Oklahoma, a staunchly conservative state with a history of drawing people in search of wealth from the land, a new kind of crop is taking over old chicken coops, trailer parks and fields where cattle used to graze.
America.
River Valley Shoppers Making Final Purchases Before Stores Close On Christmas Eve
KNWA:
People across the River Valley are making their final purchases before stores close on Christmas Eve.
Despite it being last minute, and with early numbers showing a big uptick in in-person shopping, people are saying the mood and holiday traffic is better than they expected.
Many businesses rely on holiday income to support them through the coldest and slowest months of the year.
China’s Economic Growth Will Slow Sharply In 2022, World Bank Says
The World Bank has cut its forecasts for China’s economic growth this year and next, as the world’s second largest economy faces mounting headwinds from the new Omicron variant to a severe property sector downturn.
The bank now expects China’s GDP to expand 8% in 2021 compared with a year ago — that’s lower than its previous forecasts. (In October, the World Bank expected China to grow 8.1% this year. In June, it projected a growth of 8.5%.)
It also cut its 2022 forecast from 5.4% to 5.1%, which would mark the second slowest pace of growth for China since 1990 — when the country’s economy increased 3.9% following international sanctions related to the 1989 Tiananmen Square massacre. China’s economy grew 2.2% in 2020.
“Downside risks to China’s economic outlook have increased,” the World Bank said Wednesday in its latest report on China’s economy.
Renewed domestic Covid outbreaks, including of the Omicron variant, could lead to more “broad-based and longer-lasting” restrictions and cause further disruptions to economic activity, it said.
In addition, “a severe and prolonged downturn” in the highly leveraged property sector might have significant reverberations across the economy, it added.
Feb. 8 Fort Smith Sales Tax Election Cancelled
In separate unanimous votes, the Fort Smith Board of Directors on Tuesday (Dec. 21) voted to stop the Feb. 8 sales tax extension election they approved Nov. 16. Directors said they needed to step back and better educate voters and get voter input.
The city board on Nov. 16 voted to approve two sales tax extensions. The first sought to extend a 0.25% city sales tax from Sept. 20, 2022 to Sept. 20, 2042, to support the fire department and the parks department. That tax generated $5.7 million in 2020. The second would extend a 0.75% sales tax from Jan. 1, 2022, to Dec. 31, 2033, with 83.3% of the revenue going to federal consent decree work on the city’s water and sewer system, and 16.7% directed to the city’s police department. The tax generated $16.99 million in 2020.
After years of failing to maintain water and sewer infrastructure to federal standards, the city entered into a federal consent decree with the U.S. Environmental Protection Agency and the federal Department of Justice in late 2014. The consent decree required the city to make an estimated $480 million worth of sewer upgrades over the course of 12 years. Because of inflation and the state of the city’s sewer system, that number is estimated to be closer to $650 million.
Over the past six years, the city has spent approximately $127 million in capital costs for required improvements added to the $200 million on storage tanks and equalization basins to reduce wet weather sanitary sewer overflows, the basis for the consent decree requirements, spent prior to the consent decree. Utilities Director Lance McAvoy estimates the city will need to spend more than $600 million more in order to complete the necessary work.
Arkansas Medical Marijuana Sales Grow Over $250 Million In 2021
KFSM:
With almost 80,000 active patients in Arkansas, medical marijuana sales surpassed $250 million in 2021. A total of $254 million has been spent this year at the state’s 37 dispensaries.
Scott Hardin, a spokesperson for the Arkansas Department of Finance & Administration, says Arkansans have spent $486 million on the drug since it first became available to patients in the summer of 2019.
Oklahoma Republican Leader Indicted For Allegedly Misusing Power To Benefit His Wife
A grand jury indicted the Republican speaker pro tempore of Oklahoma’s state House for allegedly misusing his power to alter state law so that his wife could become a tag agent.
State Rep. Terry O’Donnell faces five felony and three misdemeanor charges while his wife, Teresa, faces three felonies and one misdemeanor charge, The Oklahoman reported late Friday. According to the AP, the most serious charge is conspiracy against the state, which comes with a maximum punishment of 10 years in prison and a $25,000 fine.
O’Donnell introduced a bill in 2019 to allow wives of legislators to become tag agents. In Oklahoma, tag agents are independent operators of agencies that provide government services such as driver’s licenses, vehicle registrations, title transfers, and notary services. Tag agents receive government subsidies to run their businesses, which are often found in rural areas that may not have easy access to high-speed internet, or a Department of Motor Vehicles.
Arkansas Unemployment Drops To 3.4% In November
Arkansas’ unemployment rate decreased three-tenths of a percentage point to 3.4% from October to November, according to a report released Friday by the state Division of Workforce Services.
The report showed Arkansas’ civilian labor force rose by 583, the result of 4,764 more employed and 4,181 fewer unemployed Arkansans. The U.S. jobless rate was 4.2% in November, down four-tenths of a percentage point from October.
Oklahoma Unemployment Rate Reaches Record Low, Remains Third Lowest In Nation
KNWA:
“It is encouraging to see our unemployment rate continue to decline and show that Oklahoma’s economy remains one of the strongest in the nation,” said Gov. Kevin Stitt. “While we celebrate record low unemployment, we must also remain focused on expanding and training Oklahoma’s workforce to make sure businesses can hire and retain the employees they need to keep our economy thriving.”
The number of unemployed Oklahomans fell to 46,268 in November, marking the first month below 50,000 in more than 20 years and the lowest level since March 1980.
Arkansas Store Owners Ready For Small Business Saturday
Today is Small Business Saturday, a day celebrating local businesses and encouraging customers to shop small.
According to the U.S. Small Business Administration (SBA), 99.3% of businesses in Arkansas are small businesses. In 2019, those businesses created over 10,000 new jobs.
Unemployment Continues To Drop In Oklahoma
KSWO:
Unemployment numbers continue to go down across Oklahoma.
According to the Oklahoma Employment Security Commission, for the week ending Nov. 13, initial claims dropped by 192 to 2,020.
Continued claims for that week, meanwhile, dropped from 15,357 the week before to 14,478.
The four-week moving average of continued claims also dropped for the 17th week in a row.
When Do Stores Open On Black Friday In Fort Smith?
After they close for Thanksgiving, businesses will open their doors for deals and sales on Black Friday.
Here is a list of times and deals you can find in the area…
Route 66 Commission Revives ‘Twinkle Tour’ For 2021 Holiday Season In Tulsa
KTUL:
“Holiday decorations are a proven way to increase foot traffic to your business, create a fun atmosphere for your customers, and increase sales,” said Samantha Extance, Commissioner on the Economic Development Subcommittee of the Tulsa Route 66 Commission. “Our committee has been working to find ways to drive traffic to businesses on Route 66, first with Shop 66 Saturdays, and now with the relaunch of the Route 66 Twinkle Tour. We hope it will become another great holiday tradition for Tulsans to support local businesses.”
Arkansas Reloads As Ammo-Making State
Fiocchi of America and Vista Outdoor were attracted to the state because of its workforce, geography in the supply chain, and gun-loving culture. They also appreciated a warm welcome from local and state officials — including incentives.
Braum’s An Affair Of The Heart Show To Open Friday
KJRH:
The Braum’s an Affair of the Heart event is back this weekend.
Vendors spent the day setting up at the Tulsa County Fairgrounds. This show is celebrating 26 years but it won’t be as large as it normally is.
An Affair of the Heart is a show full of artists, craftsmen, boutiques, and other small businesses.
“It’s not your grandmother’s craft show. It is a shopping marketplace offering all various categories of an item,” Kristin Ware, Braum’s an Affair of the Heart show promoter said.
Due to pandemic hardships, event organizers say it will be smaller, but the 520 vendors won’t be as limited by COVID protocols.
“The 2020 shows were much smaller and much harder,” said Ware. “We were lucky that we still got to have those with a lot of contingencies: spacing, masking, that type of thing. We were really able to get away from that this year.”