Oregon recreational marijuana users may be surprised to see prices have jumped today, with Oregon implementing a new 25% tax on recreational cannabis. The tax hike coincides with the first day that the state’s Liquor Control Commission has begun accepting applications from entrepreneurs eager to open the first recreational cannabis shops in Oregon.
Since October, Oregon has allowed current medical cannabis dispensaries to sell marijuana to recreational patients tax free. That tax holiday ended today, though, as the state moves closer to setting up a distinct system for recreational sales that will be separate from the current medical system. The first official, state-licensed recreational stores are expected to open this fall.
Officials expect Oregon will generate roughly $2-$3 million in new tax revenue from cannabis sales in 2016, which will be used to fund schools, police, and addiction treatment services. Patients with Oregon Medical Marijuana cards will still be able to purchase their medicine tax-free, but with recreational cannabis sales now dominating the market, some medical dispensaries are now considering abandoning the medical system altogether in pursuit of the larger recreational market.
Article Link: http://www.oregonlive.com/