Cannabis Banking: Long Term Planning

In this blog, we will explore the implications of the market saturation and share Prism's plan to support the banking needs of cannabis businesses long term.


The Oklahoma cannabis industry, once a promising frontier for entrepreneurs, has encountered turbulent waters as it grapples with oversupply and market saturation. The recent release of "An Empirical Assessment of Oklahoma’s Medical Marijuana Market" by the Oklahoma Medical Marijuana Authority (OMMA) confirms what many have long suspected – the state is facing an overwhelming oversupply of regulated marijuana. While the OMMA implemented a license moratorium and proposed several initiatives to address the saturation and backlog of compliance due diligence, cannabis business owners have seen increased licensing fees and will likely continue to the see the cost of owning and operating a compliant cannabis business in Oklahoma increase. In this blog, we will explore the implications of the market saturation and share Prism's plan to support the banking needs of cannabis businesses long term.

The Oklahoma Oversupply Conundrum

The findings from the aforementioned market study show the supply of medical marijuana is at least 32 times higher than patient demand. When SQ788 was approved, as it was written the Oklahoma State Department of Health was provided a limited time frame to execute a medical cannabis program. Due to the quick rollout of the program, lack of a strong regulatory framework and enforcement during the market's initial growth combined with a low barrier to entry to obtain a cannabis license, these are all extremely important factors that have significantly contributed to the saturated state the Oklahoma market is in.

To address the oversupply and curb illegal operations, Governor Kevin Stitt signed a bill into law extending the moratorium on issuing new medical cannabis business licenses until August 1, 2026. The OMMA has also proposed several initiatives to improve the program. While the moratorium aims to bring some semblance of control, the inability to apply for a new cannabis license has created a wave of license owners selling, transferring, or surrendering their licenses and closing their doors for good. Consequently, in an already saturated market many businesses have lost their life’s savings to the cannabis industry just to have to resort to means of social media to try and find prospective buyers for their cannabis business license.

The Game Plan

In the face of market saturation and increasing regulatory requirements, Prism has looked to improve its programs and services to provide long term banking solutions for the Oklahoma industry. While Prism realizes the cannabis business has several cannabis banking programs to choose from these days, they have designed the program to tailor its services to the cannabis business.

Diversification and expansion

  • First and foremost, Prism provides a secure, insured banking solution for the cannabis business. We take protecting your business and its finances very seriously.
  • Prism Bank offers accounts for licensed cannabis businesses, ancillary/indirect cannabis businesses, and personal accounts for business employees. No more paying your employees in cash!
  • With branch locations in Norman, Guthrie, and Edmond, Prism Bank has partnered with Pay Cash Group to meet the needs of cannabis businesses in Tulsa areas.

Innovative Technology for the future of cannabis banking

  • Understanding the regulatory burden faced by cannabis businesses, Prism Bank has partnered with leading compliance software company, Shield Compliance. This investment has allowed the program to tackle the compliance burden involved with the cannabis account so the business owner can spend more time growing their business.
  • Streamlined cannabis client onboarding. The application process powered by Shield Engage offers an intuitive, customized application so we can tailor banking solutions to your cannabis business.

Your long-term banking solution

  • Prism Bank has recently introduced a tiered pricing system to reward the deposits of cannabis businesses and provide discounted rates for owners of multiple licenses.
  • At Prism Bank, you have a bank in your corner advocating for increased access to banking and other legitimate services cannabis businesses need to operate a successful business.

As the industry grows, Prism Bank is looking to partner with and develop relationships with business owners in the cannabis industry to further understand and support the banking needs of cannabis businesses.

Delene Gilbert
Director of Cannabis Banking
Prism Bank