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Home 🌿 Medical Cannabis News 🌿 OLCC prepares to deal with cash-reliant marijuana industry 🌿OLCC prepares to deal with cash-reliant marijuana industry
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The subscription service is currently unavailable. Please try again later.The Oregon Liquor Control Commission, which will oversee the regulated marijuana industry, is already laying the groundwork for security improvements and an upgrade of its entry area in anticipation of the influx of cash from the marijuana industry.
Steven Marks, the agency's executive director, said Wednesday he expects to add a dedicated window where marijuana business owners can pay their cannabis sales taxes. Marijuana's prohibition under federal law has kept traditional banking generally off-limits to state-licensed growers and retailers.
"It's more of a public safety issue than people think about," said Marks. "There is a lot of cash floating around in this system and that cash is a source of problems."
Marks said about 30 percent of taxes from retail marijuana sales in Washington are paid in cash. Based on Washington's experience, the OLCC estimates the industry will walk in with about $400,000 in marijuana sales taxes each month.
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