A pot of money: Oregon collects $25.5M in marijuana taxes

A pot of money: Oregon collects $25.5M in marijuana taxes | iNFOnews.ca
In this Aug. 13, 2016 photo, marijuana plants await judging at a competition to select nine specimens for display at the Oregon State Fair in Salem, Ore.The exhibit of live marijuana plants will run from Aug. 26 to Sept. 5 and will mark the first time real pot plants have been open for public viewing at the annual agricultural showcase. Oregonians voted to legalize recreational marijuana in November 2014. (AP Photo/Gillian Flaccus) A

SALEM, Ore. – Oregon has processed $25.5 million in tax payments from recreational marijuana from January through the end of July.

The state’s Department of Revenue says medical marijuana dispensaries were required to file their second-quarter returns for recreational marijuana by Aug. 1.

Oregonians legalized recreational marijuana in late 2014.

But it can only be sold by medical marijuana dispensaries until the Oregon Liquor Control Commission finalizes rules for the new industry. That’s expected to happen by next year.

Medical marijuana dispensaries started collecting a 25 per cent tax on their recreational marijuana sales in January.

Anticipated state revenue from recreational marijuana through June 2017 was recently quadrupled by Oregon’s Legislative Revenue Office.

The expected amount rose from $8.4 million to $35 million.

Recreational marijuana is illegal in 46 states and under federal law.

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