Oregon sells $10.8M of pot in first six days

Dispensaries in Oregon sold $10.8 million worth of recreational pot in the first six days it was legal, said the Oregon Retailers of Cannabis Association. But a figure based on extrapolations of the first week would probably be as far off as the OLCC’s initial projection.

Despite Oregon’s relatively small population – particularly when compared to Colorado (5.36 million) and Washington State (7.06 million) – first day pot sales skyrocketed to just over $3.5 million.

Yahoo says its the seventh time in eight months that marijuana sales in Colorado have exceeded the previous month’s total. That’s because it’s being sold tax-free in the state until the end of the year. In 2014, total marijuana revenue was $76.2 million.

In contrast, Colorado’s first week of legal sales reached $5 million. Pot shops that already sell medical marijuana made big plans for the historic day, with a few opening just after midnight.

“They’re telling me that customers lining up are in many cases 50 to 65 and haven’t purchased marijuana in decades, but they’re just happy to have the opportunity to do so”, he said. Before long, marijuana retailers will lose their novelty and will become no more exotic than liquor stores.

Oregon also has a robust supply of marijuana that’s grown to support medical marijuana users and the black market.

According to Speers, because many banks won’t lend to the marijuana industry, many entrepreneurs are moving to the state to start their own “extralegal” marijuana-growing operations, buying up homes in cash and driving the prices up. Until this new industry evolves further, government officials would be prudent to remain conservative in their revenue estimates.