Colorado's Marijuana Revenue & Oregon's First Week Bonanza May Spark RI

Colorado's Marijuana Revenue & Oregon's First Week Bonanza May Spark RI

The first full week of legalized marijuana sales in Oregon have yielded a reported $11 million -- and recent reports show Colorado brought in more tax revenue from marijuana than alcohol sales last year.

According to Oregon's KGTV,  the Beaver State far exceeded initial revenue expectations this past week -- and outpaced Colorado's debut.

One week in, Oregon is already far ahead of dollars spent on pot compared to Colorado’s first week of legal recreational sales, at $5 million. Washington took a month to sell its first $2 million, according to Marijuana Business Daily.

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When Oregon voters approved recreational marijuana, the state set an estimate of $9 million in net tax revenue for the first full year of 2017. But the Oregon Retail Cannabis Association believes it’ll bring in three to four times that much.

RegulateRI's Jared Moffat, who has been an outspoken advocate for the sales and tax of marijuana in Rhode Island, pointed to what he said were the lessons for the state. 

"There have ben different projections from different groups, and we've seen that some have been over, and some have been under," said Moffat.  "Let's not focus so much on the exact amount but the fact that it's a huge economic opportunity."

Moffat spoke to what he saw as the urgent need for Rhode Island to be first in New England to allow non-medical marijuana legalization. 

"We have a change to beat Massachusetts to be the first [in New England]," said Moffat. "W're seeing it's working in other states, bringing in revenue and creating jobs.  it's great that Oregon is exceeding projections/. What if Oregon had gone before Washington -- would they would they have seen even more at the outset? Probably.  Our legislators should be aware of this."

Colorado Take, Next States?

On September 16, TIME Magazine wrote "pot is a boon for tax revenues in Colorado, outpacing revenue from alcohol taxes in the fiscal year ending on June 30."

Time's Tanya Basu broke down the numbers. 

"Colorado collected almost $70 million in marijuana taxes during that time, nearly double the $42 million collected from alcohol taxes," wrote Busu. 

MarketWatch.com identified "the next eleven states" that will legalize marijuana, which Rhode Island was one. 

Marijuana use in the small New England state is pervasive. An estimated 20% of Rhode Islanders aged 12 and up used the drug at least once in 2012. No other state in the country had wider use. Of the states that have not legalized recreational marijuana use, Rhode Island’s laws are among the most lenient.