The marijuana business in Oregon is becoming a bonanza for the state.
The Oregon Department of Revenue announced Tuesday it received $5.3 million in marijuana tax payments in January. The grand total of $65.4 million received in the year since Oregon started taxing pot sales is blowing the original estimate out of the water.
In January 2016, the state started collecting a 25 percent tax from medical marijuana dispensaries’ recreational sales. A year later, recreational pot shops — which first opened in Oregon five months ago — began charging a 17 percent tax. Meanwhile, dispensaries stopped selling recreational pot.
Even though the tax rate has dropped, money is still flowing into state coffers. Still, it is a drop in the ocean compared to an expected $1.8 billion budget shortfall, which the Legislature is now trying to resolve.
“The (marijuana tax) numbers … suggest very strong collection,” said Mazen Malik, senior economist with the Legislature. “Thus it suggests that the transition is being implemented successfully and the consumers are continuing to buy at the rate we saw last year.” [Read more at The Register Guard]
Source: Cannabis Business Executive