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.

The Oklahoma Marijuana Legalization and Taxation Initiative map appear on the ballot on November 8th, 2022, as an initiated constitutional amendment. The initiative would legalize and regulate marjuana for those 21 and older. When it does happen, expect only a small boost from the transition to adult-use as Oklahoma does not have a large tourism industry, and anyone who wants a medical card can already get one.

The Oklahoma Medical Marijuana Authority announced on May 27th, 2022, that the moratorium begins August 1st of this year, stopping the processing of applications for new grower, dispensary and processor licenses for up to 2 years. After August 1st, any applicant who has not received approval, must wait to reapply once the moratorium is over. The moratorium will work to allow current license owners to monetize their businesses without having an overwhelming number of new license winners saturate the market.

None

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.

With over 2K retail licenses issued for the projected ~$1.4B in revenue for 2021, few if any of the existing operators would be meaningfully accretive from a top or bottom line. If an operator can be profitable in this Bible Belt state, they will earn the "proven operator" title.  

Investors would be best served to allow existing operators to beat themselves silly before picking what horse to ride. That said, don't wait too late to enter this market as it is projected to pull in over ~$2B in revenue by 2023, putting it in the top ten per capita spending on cannabis.