Oregon’s Pot Industry Opens for Business on July 1st
June 30th, 2015
Policy, Top News
Oregon’s Measure 91, a voter-approved initiative legalizing marijuana in the state, takes effect on July 1st and will permit adult possession and home cultivation of the drug. Following the laws implementation, the state will become the third in the U.S. to permit recreational marijuana, following similar programs in Colorado and Washington State. Alaska and Washington DC are also expected to finalize their legalization programs over the coming months.
Under the new law, Oregonian adults over the age of 21 will be allowed to grow up to four plants and keep eight ounces at home, as well as possess one ounce in public. Public consumption of the drug will remain illegal – as it is in other states – while users probably won’t be able to find the drug available for sale on retail shelves until sometime next year.
The Oregon Liquor Control Commission will be responsible for regulating marijuana in the state and will begin accepting applications for cultivation, processing, testing, and retail business licenses starting on January 4, 2016. With regulators hoping to move things along rather quickly, the state expects businesses to be operational later next year. The extra time was allotted to ensure the best possible public safety outcomes.
Earlier this month, the Oregonian House passed HB 3400, which creates a seed-to-sale tracking system for monitoring plants in order to deter the drug from illegal markets and ensure accountability for businesses with contaminated products. The bill also permits jurisdictions where at least 55% of voters disapprove of Measure 91 to opt out of issuing marijuana related business licenses and expunges the records of many marijuana-related offenses.
In the end, the state’s market could open the door for a number of public companies in the cannabis space, including growers, manufacturers, retailers, and testers.
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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