TULSA (AP) — Oklahoma residents looking to invest in the state's upcoming medical marijuana industry are anxiously awaiting the passage of business regulations.

The Oklahoma Medical Marijuana Authority has received nearly 1,300 applications for business licenses as of Sept. 5. Those applications include 452 for dispensary, 662 for cultivation and 184 for processing, the Tulsa World reported .

Many would-be business owners and startup companies are trying to get an early foothold in the medical marijuana industry by investing in groundwork and business plans, despite no state standards set in stone yet. The medicinal use of cannabis was approved by Oklahoma voters in June.

"If you're doing a really good job of starting an industry and a business, it's almost guaranteed that you're always going to be ahead of the regulations," said Ford Austin, who already has a dispensary location lined up for APCO Cure, the medical marijuana company he and two others are starting. "It's not comfortable, but it's a reality."