For the period beginning January 1, 2017, “tax collections have come in seven percent higher than expected,” the report finds.
Authors add, “Since Oregon levies its recreational marijuana tax based on the price of the product, the fact that actual tax collections have exceeded expectations is all the more impressive given the ongoing drop in prices.”
The average wholesale price per gram for marijuana in Oregon has fallen from approximately $4 per gram in the beginning of 2017 to roughly $2 per gram today.
“Long-term the real economic impact from recreational marijuana will come … from higher value-added products like oils, creams, and edibles, in addition to niche, specialty strains,” it concludes. “These developments … would be quite similar to the emergence and growth of craft beer in recent decades.”
Marijuana sales over the past two years have yielded over $152 million in new tax revenue.