Legal sales of cannabis in U.S have continued to thrive in all corners of the states where the drug is sold OTC – and they continue to surpass the expectations.
The consumption rate of marijuana by Americans exceeds what the economists, accountants and other estimators have ever imagined or recorded. From Oregon sales statistics, the actual legal cannabis sales have exceeded some estimation by six times more higher.
According to one of the recent reports from the Department of Revenue, close to 11,000 pounds of cannabis were legally sold in Oregon within the first three months of the year, approximately 300 legal transactions, to give overall sale revenue of $43.7 million.
$13.4 million worth of sales tax revenue was generated during that period. From that revenue, 40 percent of it is being channeled to school while 20 percent goes to treatment of addiction.
That sounds quite impressive but bear in mind these periods were the slow months. Sales skyrocketed for the rest of the remaining months of the year. From a report by Willamette Week, as at October, sales had doubled from March, for total sale receipts in the tune of $60.2 million which is higher than post-legalization estimates dating from 2015.
This implies that Oregonians have strong market demand for legal cannabis. And that is a plus for the state. This is because Oregon is experiencing a budget deficit of about $1.8 billion; a fiscal hole even black market couldn’t fill.
Over half of all the marijuana sales that took place in Oregon were conducted within Portland metro area. Almost 3 million grams of cannabis flower that worths over $26 million exchanged hands in the area within the first three months of 2016. In Portland alone, over $18 million was sold.
In spite of how it slowly started, total sales for the year were on its way to hit $200 million, or above 60,000 pounds’ worth. That is way too much, and it’s more like carrying everything home at a go, but it is a small percentage of Oregon’s overall marijuana-growing capacity.
As recently estimated by police, the state’s marijuana farmers have the capacity of producing about 265,000 extra pounds, above and beyond what is legally available in stores, with over $5billion street value.
The state police, however, receives 15 percent of the marijuana taxes which part of it are used to put together reports such as that.
The police may be right, because the recorded sales in the two states that first legalized cannabis in America have continuously increased year-after-year to pass $1 billion, and Oregon is still far behind before that peak is attained.
In the year 2016, Colorado made $1.3billion worth of legal marijuana in sales. While no statistics for gram-by-gram exist as they do in Oregon, 63 percent or almost $900 million was at recreational dispensaries. In Washington, sales were getting to the point of $1 billion.
Bear it in mind that 2016 was the very first complete year of recreational marijuana sale in Oregon, which approved retail sales of cannabis for adults from 21 and above in 2014. Retail dispensaries started the following fall. If Oregon takes the bearing of the other two states, those initial guesses, made by the learned people in the business, will be reduced in value to something worthless. Considering the budget mess Oregon is currently in, that is a beautiful thing.