Needless to say, if you are looking for a profitable market for the little green plant called marijuana, you don’t need to look any further than Oregon. Since it first legalized recreational pot, the Beaver State has made a name for itself as a hot spot for “organic cannabis,” grown without pesticides or other toxic chemicals, and has virtually spearheaded the new movement for pesticide lab testing along the Pacific Coast (and in the United States, in general). Obviously, all this hard work is paying off, at least for the consumer end of the stick. Recently, officials reported that the overproduction of legal marijuana in the State of Oregon has resulted in a 50% price drop, which isn’t exactly good news for producers. Customers, on the other hand, are overjoyed by this news. Let’s take a closer look at the situation and find out how this could benefit the Beaver State.
Score Points for Sales Volume
A recent state analysis confirmed that this recent collapse in pot prices has resulted in a boom in purchases (and a boost in tax revenue for Oregon). John Lehner (Oregon Office of Economist Analytics) explains that these lower prices will boost sales volume and assimilate black market dealings into the legal market (gradually).
According to sales projections, the sales of recreational weed in Oregon will total $543 million by the end of 2019, a strong boost from 2017’s rate. Even more interesting, economists have boosted projections for future profits.
So what has the plunge in prices amounted to? According to officials, the retail cost of legal marijuana in the State of Oregon dropped from $14 (2015) to $7 (2017).
Small but Strong Industry
Compared to the size of Oregon’s economy overall, the recreational marijuana industry is relatively small. (For a moment, consider that cigarette sales outnumber pot sales by 40%). However, pot sales and distribution will grow rampantly, shifting into a multi-billion dollar industry by the time 2025 rolls around. While Oregon does not have a sale tax, the state does issue a 17% sales tax on pot (which is diminishing due to decreasing prices).
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