The Oregon Liquor Control Commission, entrusted with regulating and managing Oregon’s recreational marijuana market, has been swamped with applications for licenses.
Entrepreneurial enthusiasm for Oregon’s recreational marijuana market is growing considerably, as the Oregon Liquor Control Commission has received more than 1,300 applications for marijuana business licenses so far, Oregon Live reports.
Oregon’s adult use marijuana sales began in October of last year, but so far, the state’s medical marijuana dispensaries have handled all recreational sales. The state intends to launch its full adult-use cannabis market with a handful of marijuana retail stores on October 1, but there’s still a hefty amount of work ahead of the Oregon Liquor Control Commission before that can happen.
The Oregon Liquor Control Commission is tasked with processing licenses for cannabis producers, processors, wholesalers, retailers, and laboratories. There are nearly three-dozen staffers reviewing the marijuana license applications. Because of the high volume of applications and additional delays caused by incomplete applications and extensive local approvals, however, the state expects processing all of the applications to take until the end of the year. Interested applicants must file site plans and security systems and explain how they’ll irrigate their plants. Additionally, a detailed background check must be done on each applicant and any business partners.
“It’s going smoothly, but it’s a slower pace than expected,” said Steven Marks, the commission’s executive director.
Thus far, the commission has issued about 200 licenses, nearly all for cultivation operations. Its first focus is on processing applications for growers, as officials are hoping to avoid the marijuana supply problem faced by the state of Washington in 2014. There is no cap on the number of permits the state can issue.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][vc_single_image image=”17394″ img_size=”1200×250″ onclick=”custom_link” link=”https://www.medicalmarijuanainc.com/legal-marijuana-sales-forecasts-potentially-44-billion-2020/”][/vc_column][/vc_row][vc_row][vc_column][vc_column_text]Recreational marijuana became legal in Oregon after the passing of Measure 91 in November of 2014. Under the Oregon law, adults aged 21 and older can legally possess up to 1 ounce of marijuana, 16 ounces of solid-infused concentrates or 72 ounces of liquid-infused concentrates. As of now, a 25 percent tax is applied to retail sales. Once the Oregon Liquor Control Commission fully launches the regulated program later this year, the 25 percent tax will be replaced with one between 17 to 20 percent.
According to estimated data provided by the state, Oregon sold close to $60 million in recreational marijuana sales between January and May, which brought in nearly $15 million in tax revenue. The collected revenue significantly exceeds initial estimates from the Oregon Liquor Control Commission, which had projected recreational marijuana sales would bring in $10.7 million in revenue for the 2015-2016 biennium. A recent report found that the young cannabis industry has already generated 2,156 new jobs and $46 million in wages.
Oregon’s tax revenue from adult use marijuana sales is expected to continue to boom, not only with the opening of recreational storefronts later this year, but because the state made limited cannabis edibles and concentrates available on June 2. Early sales of cannabis edibles since their legal rollout have been encouraging.
Adult use marijuana and edibles are only legally available in Oregon and in the three other states with recreational marijuana legislation – Colorado, Washington, and Alaska. However, cannabis products containing cannabidiol (CBD) derived from hemp are legal in all 50 U.S. states. Medical Marijuana, Inc. offers an array of CBD hemp oil concentrates and edible products that are completely legal and available to purchase. We welcome you to visit our online shop to learn more about the CBD hemp oil products we have available.[/vc_column_text][/vc_column][/vc_row]