Wide open. Oklahoma has what is broadly considered to be the lowest barriers to entry for a medical cannabis market. With nearly 10% of the population signed up as patients, Oklahoma sets the top end of the range for medicinal market population penetration.

There are no qualifying MMJ conditions, and the broad rule states "accepted standards a reasonable and prudent physician would follow when recommending or approving any medication." Good news for any Oklahoma cannabis enthusiasts who have stubbed their toe in the last decade and have a good rapport with their physician.

In a shocking twist, 63% of voters rejected legalizing adult use cannabis in the state in March of 2023. This is viewed by many as strange as pretty much anyone who wants an MMJ card is able to get one.

In May 2023, Gov. Kevin Stitt (R) signed a bill that aims to reign in illegal business activity. Law enforcement agencies now have full authority to enforce the states cannabis laws in an attempt to diminish the illicit market.

There is no notable activity at this time.

With no significant barriers to entry and a saturated license framework, no MSO's have yet flocked to the state. Much like mature, adult use markets in Colorado and Oregon, MSO's will look to enter the Sooner State later rather than sooner.

Investors would be best served to allow existing operators to beat themselves silly before picking what horse to ride.