The first ever medical marijuana auctioned online in Oklahoma sold to a dispensary in Oklahoma City that bid $2,200 for a half-pound.
Sage Farms, in Glenpool, was one of the first 40 growers to get licensed after voters passed State Question 788 in June. What started as seeds in August turned to 1,000 tall plants grown hydroponically by November. Now, the farm is trimming and selling its product through OKcannabismarket.com.
"We've gotten some criticism for selling our products so high right now. But we're putting it out there for dispensaries to determine the price,” said Ben Neal, the owner of Sage Farms.
“We wanted to be able to market to all dispensaries, not just those that we know of, so what better way to get your product out there and figure out what the Oklahoma market price is?”
Prices are expected to tumble once more growers sell on the website.
“The market is going to eventually just level out,” said Jessica Teer, Sales and Marketing for Sage Farms. “Right now, yes it’s going for high, but that’s because there’s only a little bit out there to be had.”
Teer visits dispensaries so business owners can see, touch, and smell the product. She also visits with other growers, encouraging them to sell online.
“This is not for medical marijuana patients. This website is only for licensed businesses. Licensed dispensaries can buy off the cannabis market, and licensed growers can sell on the market for free,” said Teer.
Sage Farms is now growing in its second medical marijuana greenhouse, which houses 480 plants that will be harvested in the next three months.
"We've made a sizable investment in what we've got going on out here; we need to recoup our money now, because we might not be able to next year,” said Neal.
"If we don't, and the prices drop to $1,000 or less, then we'll probably be growing tomatoes in here."
Neal started his farming business growing tomatoes and other produce, which is delivered to doorsteps across Green Country for a subscription fee.
While the first auction closed at $2,200 for a half-pound of Skunk Wednesday, the second auction closed Friday at $1,400 for the same product.
“We have another auction closing tomorrow. Then we’re going to be listing some of the Haze and some Blueberry,” said Neal, describing different strands.
While Sage Farms is currently only growing medical marijuana, it just received its processing license as well.
“We’re buying a CO2 extracting machine so we’re going to start getting into the edibles market, oils, and vapes,” said Neal.