Authorized hashish gross sales in Oregon declined for the second 12 months in a row in 2023 after the market set its annual gross sales file in 2021, the Oregonian studies.
Licensed hashish retailers in Oregon recorded about $955 million in gross sales throughout 2023, down from about $994 million in 2022. The state’s hashish market had beforehand spiked in 2020 with the onset of the COVID-19 pandemic, in the end peaking in 2021 at $1.2 billion in annual hashish gross sales.
Retail hashish costs within the state have stagnated since falling to simply $4 per gram in early 2023, the report mentioned.
Oregon’s adult-use hashish business was launched in 2014 with no restrictions on the variety of hashish licenses allowed within the state; moreover, buying a industrial hashish license was simpler than in most different states. So, whereas the market grew quick at first, the mismatch in provide and demand finally turned evident as costs plummeted amid surging provide.
“Given these market situations of oversupply, (retail) saturation, and secure client demand, low costs make it tough for companies to be worthwhile.” — The Oregon Workplace of Financial Evaluation, by way of the Oregonian
The Hashish Trade Alliance of Oregon final month urged the state to make everlasting a moratorium on new hashish licenses to assist tackle the business’s oversupply and market competitors points.
Lawmakers handed a legislation in 2019 permitting business operators to export their hashish merchandise to different state-legal markets however the coverage will solely take impact if allowed on the federal stage, and the federal authorities has but to make vital hashish reforms.
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