Katelyn Baker
Well-Known Member
Salem, Ore. - Sales of recreational marijuana enjoyed a big boost in the two months since edible products have been allowed.
Taxes from those sales jumped from about $3 million per month to more than $5 million per month, figures from the Oregon Department of Revenue showed Monday. The state began charging a 25 percent sales tax on recreational marijuana products in January.
"I've seen my revenue increase, absolutely," said Danielle Pottratz, owner of CannaMedicine in Salem. Pottratz said the introduction of edibles in June increased her business by 25 percent. "That would be a low estimate, too."
The numbers released Monday show the state collected $25.5 million recreational marijuana taxes through July 31. Since earlier reports showed that $14.9 million had been collected through May, another $10.6 million was collected in June and July.
A legislative revenue office research report from 2014 expected recreational marijuana tax to generate between $13.1 and $19.4 million for the 2017 fiscal year, but the 2016 sales have already surpassed that estimate.
Pottratz said she thought the first month of edible sales - June - would be an aberration.
"I thought it went down in July but it actually went up 5 percent because we restocked our inventory." Pottratz said. "A bigger inventory helps."
Money from the recreational marijuana tax is split between the common school fund, state police, the Oregon Health Authority, city and county law enforcement and mental health, alcoholism and drug services account.
Retailers are still getting used to the reporting requirements for the state. A tally of the second quarter's numbers is still not compiled.
"It took a lot longer than we thought because not all dispensaries turned in their paper work on time," said Joy Krawcyk, public information officer for the department of revenue. An estimated 60 percent of dispensaries failed to meet the tax deadline since reporting began in February.
Thanks to outreach from the department of revenue, an estimated 80 percent have complied and filed numbers, Krawcyk said. Due to the nature of a new regulatory program, she said there was confusion among dispensaries over what they needed to file.
"They were making their monthly payments and turning in a voucher. Because they were turning in that voucher every month, they thought they didn't need to file a quarterly form," she said.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Oregon Recreational Pot Sales Rise As Edibles Join The Market
Author: Caitlyn M. May
Contact: 503-226-5000
Photo Credit: Molly Smith
Website: NWCN
Taxes from those sales jumped from about $3 million per month to more than $5 million per month, figures from the Oregon Department of Revenue showed Monday. The state began charging a 25 percent sales tax on recreational marijuana products in January.
"I've seen my revenue increase, absolutely," said Danielle Pottratz, owner of CannaMedicine in Salem. Pottratz said the introduction of edibles in June increased her business by 25 percent. "That would be a low estimate, too."
The numbers released Monday show the state collected $25.5 million recreational marijuana taxes through July 31. Since earlier reports showed that $14.9 million had been collected through May, another $10.6 million was collected in June and July.
A legislative revenue office research report from 2014 expected recreational marijuana tax to generate between $13.1 and $19.4 million for the 2017 fiscal year, but the 2016 sales have already surpassed that estimate.
Pottratz said she thought the first month of edible sales - June - would be an aberration.
"I thought it went down in July but it actually went up 5 percent because we restocked our inventory." Pottratz said. "A bigger inventory helps."
Money from the recreational marijuana tax is split between the common school fund, state police, the Oregon Health Authority, city and county law enforcement and mental health, alcoholism and drug services account.
Retailers are still getting used to the reporting requirements for the state. A tally of the second quarter's numbers is still not compiled.
"It took a lot longer than we thought because not all dispensaries turned in their paper work on time," said Joy Krawcyk, public information officer for the department of revenue. An estimated 60 percent of dispensaries failed to meet the tax deadline since reporting began in February.
Thanks to outreach from the department of revenue, an estimated 80 percent have complied and filed numbers, Krawcyk said. Due to the nature of a new regulatory program, she said there was confusion among dispensaries over what they needed to file.
"They were making their monthly payments and turning in a voucher. Because they were turning in that voucher every month, they thought they didn't need to file a quarterly form," she said.
News Moderator: Katelyn Baker 420 MAGAZINE ®
Full Article: Oregon Recreational Pot Sales Rise As Edibles Join The Market
Author: Caitlyn M. May
Contact: 503-226-5000
Photo Credit: Molly Smith
Website: NWCN
