A lot of exciting things happened in the legal marijuana realm this past week, one of which being that Oregon collected a shit load of money from their first month doing recreational business.
How much is a shit load, you ask? Well, about $3.5 million, which is more than three times the amount of money they expected to collect.
In fact, it did so well, this news may push the revenue distribution date to cities and counties up, which means people will be getting the money they need much, much faster.
All of the marijuana grades (sans schwag) had a good February, finishing out the month above their previous month's average. Of all the grades, mid-grade had the best month finishing a full $14 above its January average. The unbelievable ride that schwag has been enjoying has finally come to an end, dipping $5 from its epic January numbers.
This month we have a couple newcomers to the 'most expensive pot in the nation' list. Utah and Massachusetts both clocked in with $400 ounces. On the flip side, California is holding it down with the cheapest reported prices in the U.S. with $150 ounces of Girl Scout Cookies.
According to the 4th Edition State of Legal Marijuana Markets Report, legal marijuana sales are expected to reach nearly $23 billion in the next four years. Woah.
The report — conducted by ArcView Market Research and New Frontier, a cannabis data-analysis company — is based upon a variety of factors, including last year’s $5.7 billion in sales and the assumption that major player California will legalize recreational marijuana this November. (Please, God.)
USA Today broke it down with this graphic:
The marijuana industry is new and exciting and that’s why so many investors and entrepreneurs want to get in on the “ground floor.” But there are several things you should take into account before making that leap.
The most important thing to take into consideration is the legality of cannabis, something that really doesn’t come into play in most industries. Even heavily regulated products that are sold at the retail level basically have uniform regulations no matter where you are in the U.S. This is not the case with cannabis products.
The shuttered San Joaquin Valley Prison in Coalinga, Calif., could become the Central Valley’s first cannabis oil production facility.
The Southern California company Ocean Growth Extracts has submitted a proposal to turn the abandoned, 77,000-sq.-ft. former prison into a state-of-the-art marijuana grow and cannabis oil plant, simultaneously bringing 100 jobs and nearly $2 million annually to the struggling city. The proposal was brought to the City Council by Coalinga Mayor Ron Ramsey and City Manager Marissa Trejo and supported by Mayor Pro Tem Patrick Keough, who addressed the Council in favor of the proposal.
Denver may get a chance to vote on private marijuana social clubs in the near future. The Denver chapter of NORML released the text for an initiative that they are introducing to the City Council that would legalize private marijuana social clubs within the city limits, giving those over the age of 21 a place to consume cannabis with like-minded individuals outside of their own homes. This would also solve the issue of public consumption for tourists, who may be prohibited from smoking weed in the hotels or places they stay at.