Oregon continues to have a major oversupply of marijuana. New legislation aims to change that. The Senate voted 18-10 to freeze production for two years at the current levels.
No new cultivation licenses will be issued until further notice, The Bend Bulletin says. Existing cultivators will be permitted to renew licenses. It’s said that the state has such an overproduction issue that there’s enough right now to supply its market for 6 ½ years.
The oversupply has also caused the cost of marijuana to plummet – making it hard for producers to make a suitable profit.
The House still has to vote on the freeze. It’s expected that the House will also approve the freeze. Discussions regarding exporting some of the marijuana from Oregon to other U.S. states are also continuing.