Oregon has Garnered Over $54 Million in Cannabis Taxes in 2016
In its first year of legal cannabis sales, Oregon has so far garnered over $54 million in taxes.
In total the state has garnered $54,506,832 in taxes from cannabis sales as of November 30th; this is according to data released by the state’s Department of Revenue.. Although this number is impressive, it’s expected to be much higher next year, given the market’s rapid expansion and the fact that designated cannabis retail outlets didn’t open until October; for example in January the state collected $2.5 million in cannabis taxes, which rose to over $7.8 million in October.
In Oregon the possession, use and state-licensed distribution of cannabis is legal for those 21 and older; thanks to the voter approval of Measure 91 in 2014. Although cannabis retail outlets didn’t open until October, legal recreational cannabis sales have been taking place all year through dispensaries; lawmakers last year gave them the authority to sale to everyone 21+ until the recreational market is up and running.
By comparison, both Washington State and Colorado have garnered around $300 million in taxes this year from cannabis taxes; the higher number isn’t surprising, however, as both have had cannabis outlets open since early-to-mid 2014, prior to Oregon’s vote on legalization.