Oregon rakes in $60 million in state sales taxes from marijuana
Recreational marijuana sales in Oregon produced $60.2 million in state tax revenue in 2016, the first year of state-taxed pot sales.
For much of the year, marijuana sellers collected a 25 percent sales tax.
To produce the $60.2 million in tax revenue reported by the state Department of Revenue on Friday, total retail sales of marijuana and pot-laced products last year would have had to equal about $241 million.
Marijuana tax revenues exceeded projections, said Mazen Malik, senior economist for the Oregon Legislative Revenue Office. He had estimated marijuana sales would produce $44 million during the year, $16 million less than what came in.
Higher-than-predicted prices for marijuana extracts and edibles may have contributed to the higher than projected tax revenues, Malik said.
Legalization’s Impact: Growing Revenue, Narrowing Margins
Israel Is Running Out of Marijuana
Israel has big plans for cannabis.
Already a worldwide leader on marijuana-related research—with a government-approved, government-funded national research center under construction, and “millions of shekels” invested into companies working on marijuana products—Israel’s government has allowed medical marijuana as a tonic for intractable illnesses since 1992. Now, as legalization spreads like spider mites across America, Israel believes marijuana can be a money-making export product.
Israelhas plans to begin exporting medical marijuana to other countries within a few years, but in the short term, the country’s cannabis program is a victim of its own success.
As things stand now, Israel is going to run out of weed.
Marijuana Under Trump: It Won’t Get Better
The near-continuous rank speculation that’s been a way of life in America since the early-morning hours of Nov. 9 ends today. At noon, Donald J. Trump took the oath of office and was sworn in as the 45th president of the United States. He’ll now have access to the @POTUS Twitter handle and the nuclear codes—perhaps using one to announce, in real time, what he plans to do with the other—and then sometime, maybe this afternoon, maybe over the weekend, in between presiding over inaugural balls or empowering alt-right internet trolls, President Trump will get around to figuring out exactly what he’s going to do about all those grandiose (and, in some cases, unconstitutional) campaign promises.
So where, exactly, do drug policy reform and the country’s marijuana industry fit into making America great again?
Already dealing with a president in open conflict with his own country’s intelligence community, who has a defense policy that’s driven deep fear into many of America’s oldest allies, it may be hard for much of the country to care about drug policy. But there is much at stake.
The HIA Challenges the DEA’s Recent CBD Code
Americans and Canadians Spent $53.3 Billion on Weed Last Year
U.S. and Canadian weed consumers plopped down $53.3 billion for legal and illegal marijuana in 2016, according to a new report from Arcview Market Research. However, the vast majority of those transactions took place on the black market.
Still, this is more money than Americans spent at McDonald’s and Starbucks combined, according to QSR Magazine.
Arcview’s 22-page executive summary for the “State of Legal Marijuana Markets” estimated that the black market still accounts for 87 percent of marijuana sales, down 90 percent in 2015.
The North American legal weed market posted $6.9 billion in revenue in 2016 alone, a 30 percent increase from the year before—meaning that it’s growing as fast as broadband internet grew in the 2000s, according to the Pew Research Center.
But, still, it sounds like quite a bit of revenue is going into the illegal market.
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