Oregon reveals greenback tax haul from sales of the green stuff

Oliver Gill
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An Initiative To Legalize Marijuana In California To Appear On Nov. Ballot
Cannabis has been legalised or part-legalised across a large number of US states (Source: Getty)

The US state of Oregon netted over $68m (£55m) in taxes from legal sales of marijuana over the 12 months to February, official statistics have revealed.

Cannabis can be sold or possessed in eight states in the US for both medical and recreational purposes. Many other US states have relaxed laws to allow medical use of the drug with others decriminalising it in one form or other.

Oregon has the sixth highest marijuana use in the US according to a recent poll by CBS News. It found 14.45 per cent of the state's population partake in pot.

Read more: UK has a future as a cannabis hub, says biotech company

Cannabis use was most prevalent in Alaska, with some 16.29 per cent of people using the drug in the state where it is legal to have one ounce or less in your house.

Exchange-traded fund

News of Oregon's tax receipts comes as a Canadian asset manager became the second firm to launch a marijuana exchange-traded fund.

Read more: UK drug strategy has failed and misses out on a growing market

Medical marijuana is a $6.3bn sector according the fund manager launching the ETF, Horizons. Its fund will be weighted to towards Canada with nearly two-thirds of companies that make their money from the sector coming from Horizon's home turf.

US stocks will make up 27 per cent of the fund, while 10 per cent are from the UK.

Last month US firm ETF managers launched the first fund to be invest in medical marijuana and industrial hemp sector, according to online publication New Cannabis Ventures.

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