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.
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