Oregon Monthly Cannabis Sales Go Over $100 Million
The surge in recreational and medical cannabis sales that began following the COVID-19 outbreak has hit a record-high in Oregon — topping $100 million for the first time since weed sales were legalized in the state in 2015.
A report from the Oregon Liquor Control Commission (OLCC) reveals that cannabis sales reached a total of $103 million in May, or a staggering 60% increase compared to May 2019. Sales have been going up in Oregon for three consecutive months. In April, they hit $89 million, a year-over-year increase of 44%, while March sales totaled $84.9 million, the highest monthly total recorded up to that point.
An OLCC spokesperson said that the cannabis tax is “the only bright spot in the state budget” at the moment. Seen in taxable sales, that’s around $15 million that is going to be allocated to the school fund, and city and country governments.
Oregon is one of the US states that have deemed cannabis as an essential business and allowed dispensaries to stay open throughout the coronavirus pandemic. Online orders and curbside pickups became the new normal for weed shops across the state, with home deliveries taking off as well.
Even though state economists point to rising prices as one of the reasons behind increasing sales of usable weed, demand also plays a role. Experts conclude that growth in sales of other cannabis products, such as concentrates and edibles, is primarily due to rising demand, as prices have remained unchanged or have even gone down.
Sales may be booming now, but experts are not so optimistic about the future.
Predictions for 2021-2023 and beyond see a reduction of 5% in cannabis sales as a result of declining population numbers, lower personal income, and a decline in consumer demand.