Legal Marijuana is providing the state of Oregon with huge tax returns!
While legal recreational marijuana is still fairly new in Oregon, it has already had a huge impact on the financial position of the state. Products sold legally are taxed by 25%, which is raising substantial results. In the first 9 months that the plant and other infused products have been widely available to adults over the age of 21, the amount of money that has been raised for the state through tax dollars is surprisingly high, even to expert financial analysts.
Those who estimated that the amount of tax dollars the state could potentially see as a result of legalization were shockingly low with their predictions. It was hypothesized that the amount raised could potentially reach as high as 16 million dollars a year, and as it turns out, the state has raised over 40.2 million in tax dollars in only 9 months.
To say that the market was underestimated would be more than fair! It turns out that people in Oregon love marijuana, who would have guessed it? With three months left in the year, I think it is fair to say that the state will likely see an additional 16+ million dollars before the year is out.
Many Oregon Towns Reconsider Their Anti-Cannabis Policies
While there were many towns that ran for the hills when marijuana was legalized, and decided to opt-out of having any stores relating to marijuana products in operation. Now, many towns are starting to reconsider after seeing the results that pot-friendly towns are seeing in result to new jobs and tax benefits. There are over 54 towns in the state that are looking to potentially opt back into the marijuana scene with votes on the November 8th election ballots. I think this speaks volumes to the nature of the industry in the state, and even amongst those who were worried that hippies would be turning into zombies left and right and ransacking bodegas for microwave bean burritos.
If more towns do decide to opt back in, I think it is fair to say that the amount of excise tax dollars the state will receive to grow at a blazing rate. With all the possibilities of good that can be done with this highly lucrative and new found source of income for the state, we will be interested to see how the state determines to spend this nest-egg.
To find a retail marijuana shop anywhere in Oregon state, please check out our map and dispensary guide!
