Oregon cannabis tax revenue up 45% in first quarter of fiscal year

The Portland Business Jnl writes…

With discussion — if not a fight— over how to allocate cannabis tax revenue expected in the 2021 Oregon Legislature, the state’s haul from the adult-use market continues to grow at a startling rate.

Receipts in the first quarter of the 2021 fiscal year, which began on July 1, were $46.9 million, 45% higher than in the first quarter of the 2020 fiscal year.

State economists in September hiked their forecast for revenue from the tax, noting the big gains in sales since the coronavirus pandemic hit in March, but they might have to ratchet it up again.

They forecast $291 million in revenue in the 2019-21 biennium from the 17 percent tax on retail sales. That was almost $31 million more than the outlook in May, and $54 million more than what was expected just before the biennium began.

But if the first-quarter pace continues, the 2019-21 total will land around $320 million.

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