Recreational Marijuana is a booming cash cow industry. Its time other states jump on board
Oregon’s pot industry sold nearly 5 million grams or roughly 11,000 pounds of recreational marijuana during the first three months of 2016, according to a report from the state government.
The report, compiled by the Oregon Department of Revenue, shows the monetary impact of Oregon’s recreational marijuana tax revenue. The state legalized recreational marijuana in 2014, and began temporarily taxing sales from marijuana dispensaries in January 2016, at a rate of 25%. That program ended this past January.
Licensed retailers were allowed to start selling marijuana in October of that year, with a state tax rate of 17%, which is still in effect.
Residents living in the metropolitan area of Portland bought more than 3 million grams during the first three months of 2016.
The state raised $54,506,832 in marijuana tax revenue from February to November of 2016, according to the report.
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