The latest marijuana sales forecast is in, and one thing is apparent: Oregon’s move to legalize the drug won’t exactly provide a flood of tax revenue.
The Oregon Liquor Control Commission, the agency that will oversee implementation of the state’s Measure 91 recreational cannabis law passed by voters in 2014, anticipates $18.4 million in tax revenue for the two-year period beginning in July.
That’s a far cry from the $78.7 million projected by research firm ECONorthwest in a study conducted last July. But the discrepancy requires some explanation:
The OLCC has learned a lot about marijuana and the marijuana market since the measure passed last November,” said OLCC spokesman Tom Towslee in an email. “This is just an estimate for 2015-17 and the OLCC will only see revenue from license fees and applications starting in January 2016… [we] don’t expect to see retail recreational marijuana outlets open until the third quarter of 2016, at best.”
In other words, the numbers are apples and oranges. [Read more at the Portland Business Journal]
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