Emerging Markets: Oklahoma
THE CURRENT STATE OF CANNABIS IN THE SOONER STATE
By Ben Owens
In 2018, Oklahoma became the 30th state in the U.S. to legalize cannabis for medicinal use.
57% of Oklahomans supported legal medical cannabis.
The broad provisions of State Question 788 opened the floodgates, and quickly gave rise to one of the fastest-growing markets in the nation. But, with hundreds of thousands of licenses and only four million people in the entire state, a surplus of supply gave way to a price race to the bottom. Growers that continue to focus on ways to differentiate themselves and withstand the ebbs and flows of demand will be the ones best-suited to the storm.
The state has since tightened regulations in a variety of ways, most recently with the implementation of state-required seed-to-sale tracking (often known by the program's acronym, METRC) as well as the enactment of a moratorium on new business licenses until August 2024.
The ETHOS team visited Oklahoma in the spring of 2022, where we chatted with countless growers and consumers about the state of the market, what they look for when purchasing, and which brands have earned their loyalty. We met with the head growers and owners of Greenleaf Cultivations, ALTVM, and Zenoa Cannabis—who all shared the consensus that, while the market may currently be saturated with average-quality product, focusing on a niche and producing a product that stands out is the best plan for surviving.
