Oklahoma Cannabis Banking

Running a cannabis-related business (CRB) in Oklahoma without access to reliable banking isn’t just inconvenient, it’s risky. It also holds you back from scaling your CRB effectively.

Every day you operate cash-only you become more exposed to theft, limited in how you pay employees and vendors, and drowning in paperwork just to prove you're playing by the rules. Banks don’t make it easy, and the feds aren’t doing you any favors.

Solvent gives you a way forward to gain access to Oklahoma cannabis banking. We’re your behind-the-scenes compliance engine and payment partner. Our platform integrates directly into your operations to reduce your reliance on cash, simplify reporting, and give you the transparency most financial institutions require.

Get in touch today to learn more about our marijuana payment processing solution and how it helps you gain access to cannabis banking in Oklahoma.

Current State of the Oklahoma Cannabis Industry

Oklahoma has been somewhat of a late adopter to legal cannabis, as the state’s medical marijuana program was first introduced in 2018. However, it has grown rapidly due to low barriers to entry and broad patient adoption.

The state has issued over 6,500 dispensary licenses and registered more than 380,000 Oklahomans as patients as of 2023, which is roughly 10% of the state’s population.

However, this rapid growth has led to an oversaturated market. The Oklahoma Medical Marijuana Authority (OMMA) has been forced to implement stricter regulations and enforcement measures accordingly.

The number of commercial grow licenses was nearly halved in 2024, and we expect this to continue. But aside from challenges within the state, the real hurdles are due to federal regulation.

Cannabis is still a Schedule I substance, which complicates banking for CRBs. Many financial institutions refuse to work with businesses in the cannabis industry, leaving CRBs to operate primarily in cash.

This comes with security risks and compliance headaches. The good news, though, is there are a few options you can consider for legal cannabis banking in Oklahoma.

What Banks Are Cannabis Friendly in Oklahoma?

Cannabis banking providers are fairly limited across all 50 states, be it New Mexico cannabis banking, Missouri cannabis banking, or even Colorado cannabis banking. Oklahoma cannabis banking is no different. Here are the top choices right now:

Herring Bank

Herring Bank provides a full suite of financial services for cannabis businesses, including checking and savings accounts, online banking, and cash management solutions.

They also offer compliance support and can connect businesses with armored courier services to handle cash deposits securely. This is a great all-in-one solution for cannabis banking Oklahoma operators can depend on.

Valliance Bank

Valliance Bank is an FDIC-insured provider of essential banking solutions for cannabis businesses, such as checking accounts, cash services, and online banking. You also gain access to cash pickup and delivery services, ACH and wire transfer services.

Prism Bank

Prism Bank is helping revolutionize banking services for the legal cannabis industry here in OK. Their innovative and secure solutions are tailored to the unique needs of CRBs, from streamlined onboarding to flat-rate competitive pricing and compliance management software.

Safe Harbor Financial

Safe Harbor Financial specializes in providing compliant banking solutions for the cannabis industry. Their services include FDIC-insured deposit accounts, electronic tax payments, cash management, and financing options.

Blue Sky Bank

Blue Sky Bank offers cannabis banking services in states from coast to coast, and everywhere in between - including Oklahoma. Their Canna-Direct Account is designed specifically for cannabis-related, plant-touching businesses and includes features such as ACH electronic payments, mobile deposit, merchant services, and armored cash pick-up and transport services.

Key Criteria for Choosing an Oklahoma Cannabis Banking Provider

It’s not as simple as choosing whichever Oklahoma cannabis bank offers the lowest fees. You need to do your due diligence into specific services, customer support, and reputation to streamline the financial management of your company. Consider:

Solutions Tailored to the Industry

Plenty of banks say they “work with cannabis companies,” but that can mean anything from offering a basic checking account (and hoping no one notices) to having an actual cannabis program with purpose-built systems.

You need the latter. Ask for proof: Do they have a dedicated compliance team? Do they submit Suspicious Activity Reports (SARs)? Do they have actual CRBs in their portfolio? If they get frustrated when you ask questions, you’re probably digging into red flags.

Access to All the Essential Financial Tools

At a bare minimum, you need:

A business checking account that stays open
Bill pay and ACH transfers
Options for secure cash deposits (not just “we’ll figure it out”)

Bonus points if they offer things like armored car pickup, smart safes, or cash logistics planning. Some services even specialize in financing to help you scale your operation.

A Legal Way to Reduce Cash Reliance

Cash-only is risky. Customers hate it, staff hates it, and your accountant hates it. We think a non-negotiable for Oklahoma cannabis banking is a compliant PIN debit processing (not cashless ATMs or shady workarounds). This is something we can connect you with at Solvent.

Fee Transparency and Predictability

Expect to pay more than typical businesses would because the risk and due diligence is higher for CRBs. But your provider should be upfront about those fees. If they won’t show you a clear breakdown of monthly costs, minimum balances, and penalties for cash volume, steer clear.

On-Demand Customer Support

Things go wrong in this industry - that’s to be expected. This is you need a partner you can depend on to be there for you to make things right at a moment’s notice. 24/7 customer support is the standard for Oklahoma cannabis banking.

What Role Does Solvent Play in Cannabis Banking in Oklahoma?

Solvent isn’t a bank. But if you’re running a cannabis business in Oklahoma, we may be the most important partner you have in actually getting paid and staying compliant. We provide payment processing and compliance services to help you work with your bank, such as:

Real PIN debit payments: You get legitimate, bank-authorized PIN debit rails. This means cleaner records, no misleading charges on customer statements, and fewer compliance headaches for your financial institution.
Audit-ready reporting: Every transaction is recorded and accessible in real time through your Solvent portal. Download reports in Excel or PDF, filter by date or location, track tip prompts, and view deposit timelines. You’re ready when regulators or banking partners ask for records.
Built-in compliance tools: You can monitor direct deposits, flag suspicious transactions, run background checks, and maintain logs all from one system. We help you stay ahead of what your bank needs to see, so you don’t risk losing your account.
24/7 live support: Our US-based team answers the phone, day or night. If your payment terminal goes down during a Saturday rush or you're reconciling at midnight, someone is available to walk you through it. No bots, no outsourced call centers, no waiting.

You still need a financial institution to hold your money. But with Solvent in your stack, your payments are cleaner, your records are audit-ready, and your cash volume drops to something you can actually manage. Take the first step towards streamlining financial management today!

Frequently Asked Questions

Why won’t most banks work with cannabis companies in Oklahoma?

Simple - there are still federal regulations classifying cannabis as a Schedule I substance. Banks that operate through federal charters (think Wells Fargo, Chase, etc.) could face legal repercussions and compliance challenges by working with CRBs.

Do CRBs get the same level of safety and security as other businesses?

Yes. Specialized Oklahoma cannabis banking institutions provide CRBs with secure financial services, including FDIC-insured accounts, cash handling solutions, and compliance support - just like other industries.

Why are fees higher for cannabis banking in Oklahoma?

There are more regulatory requirements and compliance measures associated with cannabis banking, and the costs that come with all this are passed down to you.

Does Solvent offer lending services to CRBs?

Solvent does not directly offer lending services but we may be able to connect you with financial institutions that provide financing options tailored to the cannabis industry.

How do I stay compliant with my bank (and other regulators) as a CRB?

It involves adhering to state and federal regulations, keeping accurate financial records, and utilizing banking services that offer compliance support and monitoring tools.

There’s a lot that goes into it, and we can show you better than we can tell you. It’s simple with the Solvent solution. So, get in touch to streamline cannabis banking in Oklahoma.

Can I get started today?

Yes, contact Solvent to learn more about our services and how we can assist your cannabis business in navigating the financial landscape. We look forward to supporting your company’s success!