Legal sales of cannabis net Oregon shopkeepers $11m

 
Madeline Ratcliffe
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Selling weed remains illegal at a federal level, so many banks in the state refuse to accept the proceeds (Source: Getty)

Money may not grow on trees, but it seems to be growing on cannabis plants on Oregon in the US.

In the first five days since the sale of marijuana was legalised in the state, sales have reached an estimated $11m (£7.2m).

The Oregon Retailers of Cannabis Association reported that $3.5m was taken in the first day alone as 247 stores signed up, beating official estimates.

Part of the rush could be people rushing to pick up a bargain before a 25 per cent tax levy on sales kicks in next January.

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Official estimates says tax revenue from sales in Oregon could reach $10.7m over the two years 2015-17, which equates to around $42.8m in sales.

American public radio NPR reported that if the sales figures were compared to box-office takings for firms, sales of the drug would be fourth in the US for box-office sales.

However, selling weed remains illegal at a federal level, so many banks in the state refuse to accept the proceeds.