States that have legalized recreational marijuana so far have a pretty good track record when it comes to the financial benefits of the deal. Only last year, Colorado state tax revenue generated more than $60 million from marijuana sales. Portland, Oregon recreational and medical marijuana dispensaries aren’t doing too shabby, either.
Turns out, people really enjoy smoking marijuana — who knew?
If you’re interested in learning more about the economic impacts of Oregon’s recreational marijuana industry, check out some of the notable statistics from a recent article called “Recreational Marijuana in Oregon by the Numbers,” as reported on Oregon Live:
Between the months of January and the end of July, the estimated value of recreational marijuana sold in the state was $134 million. Tax revenue from sales from January through the end of August added up to $33.4 million (Oregon imposed a 25% marijuana tax in January). And in November 2016, about 106 communities are expected to vote on whether or not to add sales tax to local recreational marijuana sales.
In Portland, about 148 medical marijuana dispensaries are selling to recreational customers, and the number is 380 statewide. So far, the state has received 1,419 applications for recreational licences, including those for producers, processors, wholesalers, labs, and retailers.
The latter statistics are notable because they are part of a new full retail program, in which the Oregon Liquor Control Commission has started to issue recreational licenses to dispensaries, as a part of the complete roll-out of the retail cannabis program.
The new state sales taxes for newly licensed retail marijuana is 17%, which will replace the old 25% tax rate. There will be an optional 3% local tax. This may give a much needed break to newly launched Portland marijuana dispensaries.
Many of the same rules will remain, however. For instance, it will still be illegal to smoke or ingest marijuana in public, including at dispensaries in Portland Oregon. Individuals will still be capped at carrying one ounce of marijuana outside the home and to four plants in each household. The new marijuana dispensaries Portland expects to see open with the new OLCC initiative, however, will definitely benefit.
Rob Patridge, the OLCC chair, said “We will continue to educate ourselves and refine and reevaluate our rules and processes as the retail industry blossoms. I believe the near future will bring substantial policy, legal, and other challenges for the OLCC in regulating marijuana and we are up for the challenges.”
In the meantime, many Portland dispensaries continue to thrive, selling both recreational and medical marijuana. Keep your eye out for exclusively recreational marijuana dispensaries Portland residents!