Recreational Marijuana sales in Oregon reach $160 million in 2016
Posted by Sagar Satapathy on October 20, 2016.
Oregon marijuana dispensaries have sold more than $160 million worth of recreational marijuana so far in 2016, as per the latest figures from the state Department of Revenue.
According to sales tax figures released Monday by the state Department of Revenue, more than $160 million worth of recreational marijuana products was sold in the first nine months of the year, collecting $40.2 million in sales tax payments between the start of January and the end of September.
Marijuana retailers, who have been licensed by the Oregon Liquor Control Commission (OLCC), began collecting a 25 percent tax on recreational marijuana sales for all flowers, edible and other marijuana items starting in January. The tax revenues are yielding about $4 million per month, which is around twice what regulators initially predicted.
The state tax on recreational marijuana will soon drop to 17 percent in many places. However, the local governments are allowed to add their own 3 percent tax on top of that.
Medical marijuana dispensaries that opt not to sell recreational pot can continue to provide medical pot to patients. The OLCC, as of Monday, listed three licensed recreational marijuana retailers in Lane County. Two of the retailers are in Eugene — Emerald City Medicinal at 1474 West 6th Ave. and Hwy 99 Cannabis Co. at 1083 B Highway 99N — and one, Apothecaria, is in Cottage Grove.
Oregon voters had legalized recreational marijuana in 2014. Voters in more than 100 cities and counties around Oregon will decide in the Nov. 8 ballot whether to opt back into the marijuana business, according to the OLCC.
Besides, Oregon other states across the US are also engaging with the issue of how to deal with the emerging marijuana business. Recreational or medical marijuana measures are on ballots in Arizona, Arkansas, California, Florida, Maine, Massachusetts, Montana, Nevada and North Dakota.comments powered by Disqus