On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

420 with CNW – Cannabis Sales in Oregon Soaring Amidst the Pandemic

In July, Oregon achieved the highest cannabis sales ever, showing just how well the marijuana industry is thriving, despite the coronavirus pandemic.

The State of Oregon recorded approximately $106 million in recreational and medical marijuana sales. According to a report by the Oregon Liquor Control Commission that was released recently, this is the third month in a row that the state has made cannabis sales of over $100 million.

OLCC broke down the marijuana sales statistics based on the different types of cannabis products that had been sold and discovered that marijuana bud purchases had significantly grown during the coronavirus outbreak. In the month of February, bud sales accounted for roughly $40 million while in July, that rose to about $65 million.

The report states that recreational consumers as well as medical cannabis patients have been consuming more cannabis since February this year, although the data also shows that the adult-use market has been especially active as well.

Beau Kilmer, the director of the RAND Drug Policy Research Center hypothesized that the reason for the sharp increase came about as a result of individuals stocking up during the COVID-19 crisis.

Additionally, the Portland City Council has sanctioned an amendment to a budget that was proposed in June that would deprive cannabis-generated monies from the Portland Police Bureau.

It seems Oregon isn’t the only state that is experiencing record-breaking cannabis sales during this pandemic period. In Illinois, state officials have reported a significant rise in purchases month-over-month. For the month of July, adult-use marijuana sales were about $61 million which surpassed June’s record sales of $47 million.

In a recent interview, Governor J.B. Pritzker’s leading cannabis advisor referred to the cannabis industry as both pandemic and recession proof.

Amid the pandemic, many legislators have argued that the legalization of cannabis could be a possible solution to neutralize the losses experienced in various parts of the country on account of the COVID-19 outbreak.

Just last week, the governor of Pennsylvania, Thomas Wolf (D) urged lawmakers to legalize marijuana to help the state’s economy recover financially from the pandemic’s impact while Michelle Lujan Grisham (D), the Governor of New Mexico, stated in May that the state would look into every alternative that would offer economic relief, including legalizing marijuana.

Over in New Jersey, Governor Phil Murphy stated in July that legalizing marijuana could assist in economic recovery of the state while advocating for racial justice as well. Analysts say these economic benefits are the same ones that sector players like Pac Roots Cannabis Corp. (CSE: PACR) have always mentioned as huge benefits of a regulated cannabis market.

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.

Archives

Select A Month

Official NewsWire Relationships

Benzinga Cannabis Capital Conference Cannabis Business Summit & Expo 2019 Cannabis Drinks Expo Cannabis World Congress & Business Exposition MjMicro Conference New England Cannabis Network O'Cannabiz Conference & Expo USA CBD Expo

CannabisNewsWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722