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Marijuana sales in Oregon have remained strong\u2014even throughout the past year\u2019s global pandemic\u2014and they\u2019re expected to continue to grow, the state projected in a new economic forecast report.<\/p>\n
Analysts with the state Department of Administrative Services\u2019s Office of Economic Analysis said that while winter sales were about what they expected, sales in recent months have strengthened, \u201csetting new records, even as the outlook expected sales to taper somewhat as more entertainment options reopened and employees began to return to the office.\u201d<\/p>\n
The report says it\u2019s unclear whether the sales data reflects natural increases in demand for cannabis products or increased spending power from stimulus checks that were issued in March. Other legal states such as Illinois<\/a> have seen similar trends in cannabis sales throughout the coronavirus pandemic.<\/p>\n \u201cUltimately that is the key question mark for the outlook,\u201d the economic analysts wrote. \u201cJust how much will demand for recreational marijuana increase in the years ahead?\u201d<\/p>\n One metric they\u2019re using to answer that question is federal data on the percentage of the adult population who report using cannabis. In Oregon, that rate has hovered around 20 percent in recent years, which could signal that sales will \u201cslow in the years ahead.\u201d<\/p>\n Via Oregon Office of Economic Analysis.<\/p>\n<\/div>\n Even so, the report<\/a> notes that because it\u2019s a federal survey and marijuana remains federally illegal, that information could be skewed.<\/p>\n Overall, the analysts said they expect short-term sales to \u201cremain elevated due to the ongoing pandemic, strong household finances, and an economy with entertainment options that are not fully reopened.\u201d<\/p>\n As those pandemic-related factors continue to resolve through the fall, sales \u201care expected to taper,\u201d it continues.<\/p>\n Long-term sales are expected to increase, the report says, but \u201cmaybe not for the reasons you may think.\u201d<\/p>\n \u201cPrevious forecasts called for relatively minimal growth in the years ahead as the recreational market matured. While that assumption fundamentally remains the same\u2014the outlook does not build in any large increases in usage rates or increases in the customer base\u2014growth is raised due to the underlying gains in the economy,\u201d it says. \u201cPrevious forecasts implicitly assumed some combination of sales declining as a share of income, and recreational prices would continue to decline.\u201d<\/p>\n A growth in the population of Oregon, combined with increase wages, will also help drive long-term, increased demand.<\/p>\n The latest projections for cannabis tax revenue the state will generate in the 2019-2021 biennium is about $304 million. That will continue to increase each biennium, reaching $462 million in 2027-2029, the analysis says.<\/p>\n \u201cThe bottom line impact is available recreational marijuana revenues are increased,\u201d the projection states.<\/p>\n Via OEA.<\/p>\n<\/div>\n On a related note, some of those tax dollars are helping to fund the expansion of substance misuse treatment<\/a> in the state, as voters approved a drug decriminalization initiative last year that called for some marijuana tax revenue to support those services.<\/p>\n Congresswoman Blasts Biden Decision To Block Marijuana Sales In D.C.<\/a><\/p>\n<\/blockquote>\n\n The post Oregon\u2019s Marijuana Market Strengthened During Pandemic And Will Continue To Grow, State Says<\/a> appeared first on Marijuana Moment<\/a>.<\/p>\n
Marijuana sales in Oregon have remained strong\u2014even throughout the past year\u2019s global pandemic\u2014and they\u2019re expected to continue to grow, the state projected in a new economic forecast report. Analysts with the state Department of Administrative Services\u2019s Office of Economic Analysis said that while winter sales were about what they expected,Continue Reading<\/a><\/span><\/p>\n","protected":false},"author":458,"featured_media":48014,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[81],"tags":[],"_links":{"self":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48013"}],"collection":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/users\/458"}],"replies":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/comments?post=48013"}],"version-history":[{"count":1,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48013\/revisions"}],"predecessor-version":[{"id":48015,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/posts\/48013\/revisions\/48015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media\/48014"}],"wp:attachment":[{"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/media?parent=48013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/categories?post=48013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cannabiscultivatornews.com\/home\/index.php\/wp-json\/wp\/v2\/tags?post=48013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"https:\/\/cannabiscultivatornews.com\/home\/wp-content\/uploads\/2021\/06\/Screen-Shot-2021-06-01-at-8.56.16-AM-1024x686-1.png\")
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\nRead More: Oregon\u2019s Marijuana Market Strengthened During Pandemic And Will Continue To Grow, State Says<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"