Cannabis sales in Southwest Washington are plunging, according to the Vancouver Business Journal, which reported a 37% decline:
Vancouver retailers took a hit when medical marijuana dispensaries in Portland began selling recreational cannabis buds on Oct. 1.
And because Oregon isn’t taxing its recreational sales until January 2016, Portland residents are incentivized to stay in Oregon for the convenience and lower cost. People pay a 37 percent excise recreational marijuana tax, plus state tax, in Washington.
The article included commentary from several dispensary operators, including The Herbery, Cannabis Country Store and High End Market Place, who point to other issues, including increasing competition and declining costs due to seasonal factors. Oregon currently doesn’t permit the recreational sale of edibles or extracts, so the Washington retailers near Portland could see further pressure next year. Like Berkeley and Colorado, industry insiders are hoping to restrict new entrants via licensing moratoriums.
Read Whitney Harrod Morris’ “Local marijuana industry faces unknown future”: http://www.vbjusa.com/news/top-stories/local-marijuana-industry-faces-unknown-future/