Cannabis Business Banking in Oklahoma
- Oklahoma Cannabis
- Cannabis Business Banking in Oklahoma
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Regulatory Challenges for Cannabis Banking in Oklahoma
- The Oklahoma State Banking Department, led by the Banking Commissioner, oversees the regulation and supervision of financial institutions in the state.
- The regulatory framework for banks is outlined in Title 85, Chapter 10 of the Oklahoma Administrative Code (OAC).
- Banks serving cannabis-related businesses must navigate the conflict between state and federal laws, as cannabis remains a Schedule I substance under federal law.
- Financial institutions face significant challenges ensuring compliance with state regulations while adhering to federal laws and guidelines.
| Banks, Credit Unions, and Fintechs that offer banking services to Cannabis, CBD, and Hemp Businesses in OK | Type of Financial Institution |
|---|---|
| Amalgamated Bank | Bank |
| Bison State Bank | Bank |
| BankFirst | Bank |
| BlueSky Bank | Bank |
| Chase (CBD Only) | Bank |
| Farmers Bank & Trust | Bank |
| First Citizens Bank | Bank |
| First Enterprise Bank | Bank |
| First Fidelity Bank | Bank |
| Green Check | FINTECH |
| Herring Bank | Bank |
| Lighthouse Biz Solutions | Credit Union Support Organization |
| Prism Bank | Bank |
| Regent Bank | Bank |
| Safe Harbor Financial | FINTECH |
| Valliance Bank | Bank |
- Are you an Oklahoma-licensed financial institution providing banking services to cannabis-related businesses? Request to be listed .
Contact a Banker in Oklahoma To Discuss Your Business Needs
Reach out with any questions!Navigating Payment Solutions for Oklahoma’s Cannabis, CBD, and Hemp Industries
In Oklahoma, medical cannabis dispensaries, CBD shops, and hemp retailers face payment challenges due to their high-risk classification. Traditional banks often avoid these industries, leading businesses to seek specialized payment processors.
Medical Cannabis Dispensaries
Federal illegality complicates transactions, so most dispensaries rely on cash or services from cannabis-focused processors which help navigate regulations and ensure compliance.
CBD and Hemp Retailers
Despite federal legality for hemp-derived CBD (under 0.3% THC), financial institutions still classify it as high-risk. Businesses often use specialized processors.
Key Requirements for Banks Serving CRBs in Oklahoma
- Enhanced Due Diligence: Banks must verify CRB compliance with Oklahoma Medical Marijuana Authority (OMMA) licensing and state laws through regular reviews of operations and financial activities.
- Robust AML Programs: Financial institutions must maintain comprehensive anti-money laundering programs to monitor and report high-risk transactions.
- Suspicious Activity Reporting (SAR): SARs are required for transactions potentially involving funds from cannabis-related activities due to federal illegality.
- Federal Compliance: Banks must follow FinCEN guidance, emphasizing due diligence and reporting.
- Regular Audits: Banks face frequent audits and examinations to ensure adherence to federal and state regulations.