A checklist for getting into the Oklahoma Medical Marijuana business
Whether you are interested in becoming a Grower, Processor or Dispensary, the creation of a viable and ongoing entity requires experienced and professional assistance. While the state of Oklahoma has made it easy to obtain a license - that's only the beginning.
Organizing and creating your businessThe first step is to identify and organize the ownership structure of your business.
Items to focus on include registering your Oklahoma Business Name, creating your Articles of Incorporation, and Operating Agreement, obtaining Federal and State Taxpayer ID Numbers and identifying your type of Business Structure such as Sole Proprietorship, Partnership, Corporation, S Corporation or a Limited Liability Company (LLC).
Once this is accomplished its time to set up your business and focus on items such as your Proposed business address, Production location, Processing Location, and or Dispensary Location and whether any are on tribal land.
It is also necessary to pursue a Municipal Business License and identify Current Assets to be used in this business such and Land, Equipment and Buildings.
It's also necessary to identify your financing methods such as Self-financed, Unsecured Credit, a Line of Credit or Debt / Equity Financing and an agreement for each type as required.
It's then necessary to open Company Bank Accounts, identify and staff Management and Supervisory Positions and the identify the number of additional employees. You also need to identify your Accountant Contact and your Tax Preparer Contact and register with the Oklahoma Bureau of Narcotics and Dangerous Drugs (OBNDD) and receive a Sales Tax Permit from Oklahoma Tax Commission:
Operating your businessOnce your business is formed, its time to focus on how to efficiently operate your Medical Marijuana entity.
Factors to plan for and consider are the creation and implementation of a Business Plan, a Cultivation Facility Plan, an Environmental Plan, a Financial Plan, a Fire Safety Plan, an Inventory Control Plan, a Manufacturing / Processing Plan, an Operations Plan, a Product Safety Plan, a Proposed Facility Plan, a Safety Plan, a Security Plan, a Staffing Plan and a Transportation Plan.