Report: Legal Marijuana a “Powerful Force in the Oregon Economic Engine”

New reports from Oregon show just how well the marijuana industry is helping the state’s economy. The state’s legal marijuana industry has created roughly 12,500 jobs involving the handling of marijuana, resulting in $315 million in wages earned.

Beau Whitney, of Whitney Economics compiled the data to complete a report for the Oregon State House of Representatives Committee, according to Entrepreneur. The reason for the report was to determine the economic impact of the marijuana industry in Oregon. As of late February, 917 marijuana business licenses have been issued in Oregon.

There are more producers than retailers in the state as 426 licenses for producers and 344 for retailers have been issued. The remaining licenses issued have been for researchers, processors, testing labs and wholesalers.

An additional 1,225 applications have been filed for marijuana business licenses. Whitney estimates that the Oregon marijuana industry has produced a positive economic boost to Oregon’s economy to the tune of over $1.2 billion. The data-driven statistics were derived using careful calculations, including average wages.

A more in-depth report is expected later in 2017 with breakdowns of individual cities and the economic impact that legal marijuana has made there.

Whitney said, “A more comprehensive jobs report will be researched and published later in 2017, but this initial update should demonstrate that the cannabis industry is a powerful force in the Oregon economic engine.”