The Oregon Office of Economic Analysis released a report which showed that marijuana sales are most substantial along the Oregon border with Idaho. It is noteworthy that recreational marijuana is illegal in the state of Idaho, so residents who wish to consume it have to buy it from Oregon.
According to the report which was issued on Friday, adult marijuana sales along the border of Oregon and Idaho are 420% the statewide average, wrote Josh Lehner of the Oregon Office of Economic Analysis. It is ironical that the percentage is 420 since that also happens to be the colloquial term for weed!
Along the Borders of Idaho and Washington, Lehner also found that marijuana sales were high. Recreational marijuana is legal in Washington.
Lehner further wrote that marijuana sales along the cities neighboring Idaho were stronger than he had anticipated. Recreational marijuana is illegal in the state of Idaho; however, after using a tax model to account for incomes, number of retailers, and tax rates, they found that there was a vast border effect.
A border effect occurs when two neighboring states have different rules, which prompt the residents of one jurisdiction to travel to the other in order to experience and take advantage of the different regulations in the other state. For instance, residents of Idaho traveling to Oregon to consume recreational marijuana. Another example is where the residents of Southwest Washington travel to Oregon to buy products on which no sales tax is levied.
In the U.S., Idaho is one of the few states without a law regulating medical marijuana, said the Marijuana Policy Project. Marijuana advocates working with the Idaho Cannabis Coalition and supporters, are collecting signatures to legalize medical marijuana within the state. This will make it possible for the residents of Idaho to legalize medical marijuana through a ballot initiative in November.
Lerner also forecasted that if the border effects persist in the next ten years, Oregon is going to experience rapid growth in marijuana sales.
Lehner further wrote that his office predicts that during the next ten years, the state’s marijuana sales are going to increase as incomes increase, the population within the state also increases, and as the stigma surrounding marijuana dies and the consumption rate rises.
The petition for gathering signatures was approved in August of 2019, and the advocates and supporters must collect more than 55,000 signatures within the state of Idaho to qualify for the 2020 ballot. April 30, 2020, is the deadline for signature collection.
After filing the petition, the leader of the campaign, Bill Esbensen, said that people should not suffer because they live in the wrong state. He also noted that the medical marijuana initiative is to bring Idaho up to par with other states where medical marijuana is legal such as Oklahoma, Arkansas and West Virginia. This will enable patients to treat their medical conditions with a non-toxic plant.
Analysts believe that weed companies like SinglePoint Inc. (OTCQB: SING) may be thinking that Oregon marijuana companies are getting some respite from the glut as a result of the border effect and this buys them some more time to build a bigger customer base within the state.
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
Do you have a questions or are you interested in working with CNW420? Ask our Editor
CNW420 is part of the InvestorBrandNetwork.