Medical Marijuana Rules Create Challenges, Investors Backing Out
OKLAHOMA CITY - A metro woman working to open a medical marijuana dispensary says investors are scarce.
She says when the health department added amendments to the 788 guidelines- a couple of hers were scared off.
“Without that security, without that money there, really there's not a lot you can do besides dream,” said Wild Woman Wellness business owner Megan Dedmon.
Just three months ago, Dedmon opened Wild Woman Wellness, a business specializing in Cannabidiol products.
“I really, really believe in the plant as a medicine,” said Dedmon.
She believes in it so much, she along with a team of advisors and investors have been working for months developing a plan for a metro dispensary.
Dedmon says those plans were nearly railroaded when the Oklahoma State Department of Health outlawed the sale of smokable marijuana.
“People were starting to put their business plans together, not being able to provide flower means you'll have to have access to a lab to make these products into another product that people can use,” said Dedmon.
She continue to say that having access to a lab that would convert the product into an edible is costing more money than some investors were prepared to spend.
“Myself, I had my investors text me and say unfortunately, we are going to have to hold off,” said Dedmon.
She was fortunate enough to have other investors determined to stay the course.
“The way things are going if investors are scared to invest all of us are kind of at a standstill,” said Dedmon.
Starting up a dispensary without investors is almost impossible.
“It takes a lot of money to get going. You have to pay for the licensing, you have to hire an attorney, there's a lot of upfront cost,” said Dedmon.
She said without their help there’s nowhere else to turn.
“Any federal banks will not lend to anyone involved with THC or cannabis,” said Dedmon.
Dedmon and her team recently secured their future grow site, 46 Organics.