Oregon Cannabis Tax Revenue
According to the Department of Revenue Oregon reported that their initial month of taxable commercial sales from cannabis brought in over $3 million of taxable income. The beaver state blew by Colorado and Washington state’s initial month’s revenue from recreational marijuana sales. According to yahoo.com news article Oregon’s retailers sold almost $14 million worth of marijuana in January making nearly $3.5 million in taxes. The way that the Oregon state accomplished this was accomplished by their tactical tax efforts that they applied gradually to the dispensaries.
The state withheld the 25% sales tax until the medical dispensaries were established for their initial months after opening and when the tax was applied to customers it was waived for cannabis purchasers who had a medicinal card. This is good news for the marijuana industry and the state’s taxable income has provided funds to help pay for schools, law enforcement agencies, and environmental endeavors. The funds brought in from taxes also helps address drug and alcohol issues and counseling will be established and provided from the revenue; regulators expect the taxable income will increase drastically in the coming years as the cannabis industry grows expeditiously.