Is the Cannabis Gold Rush Headed for a Bust?
There is no doubt that the legal cannabis business is booming. In August, the Oregon Department of Revenue announced that it had collected more than $25 million in taxes on cannabis sales in the first six months of 2016. The Oregon Liquor Control Commission (OLCC) had previously estimated only $18.4 million in taxes in the entire first two years of sales. That means so far this year Oregonians and our visitors have consumed more than five times the amount of legal cannabis than the state expected.
In Colorado, cannabis sales are expected to surpass $1 billion this year. Sales in Washington are exceeding estimates as well. And this fall's election will not be just about Trump and Clinton—it will also be the largest vote on cannabis in American history. Voters in Arizona, California, Maine, Massachusetts and Nevada will vote on legalizing recreational cannabis. And voters in Arkansas, Florida, Montana and...
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