The Oregon Retailers of Cannabis Association estimates that marijuana stores sold more than million of marijuana during the state’s first week of legal recreational sales.
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After just one week of recreational marijuana sales, Oregon dispensaries have raked in an estimated $11 million.
According to the OLCC, the state projects the sales of recreational marijuana will generate $10.7 million in revenue for the 2015-2017 biennium. That changes January 4, when all medical marijuana dispensaries will be required to collect a 25 percent tax on recreational marijuana sales, according to the Oregon Health Authority.
Another advantage for Oregon is that growers are lightly regulated, compared with other states, and many have been producing cannabis for medical marijuana sales for more than a year. Until the puzzle pieces are brought together, which will take more time, lawmakers have little incentive to push forward with legalizing or decriminalizing marijuana on the federal level. However, residents were not allowed to actually buy it until October 1. What if Oregon had gone before Washington – would they would they have seen even more at the outset? Sales may drop off a bit as the newness of state-licensed cannabis commerce wears off and when taxes begin, but that drop off may be countered by the new marijuana products that will be available later in 2016.
Part of the reason is the overall number of pot stores: Colorado had 24 shops on day one and Washington had only four.
For now, that money is tax-free. With lower starting costs and an established core of a few 200 medical marijuana shops, Oregon’s retailers have a genuine shot at being competitive with the black market.
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Oregon’s first week of selling legalized marijuana has been, by pretty much all accounts, a success. Various moral and practical arguments have helped to catalyze the growing trend of legalization and decriminalization of marijuana.
