Perceived versus Measured Impacts of Medical Marijuana on Rural Oklahoma Home Values

Abstract Oklahoma has witnessed a remarkable expansion of its medical marijuana industry since legalization in 2018, emerging as the largest in the nation in terms of both dispensaries and growers per capita. However, the ramifications of this burgeoning sector remain largely unexplored in rural areas of the state. A focus group in one rural community provides information on the most important perceived impacts of the industry, which include influences on local housing values. An event study confirms that high-grower (but not high-dispensary) counties saw housing value increases of roughly 20% post-legalization when compared to neighboring states where marijuana remains illegal.