- Oregon to cap cannabis cultivation for two years
- Licenses to new growers will be banned
- Current growers can renew their licenses
- Oregon currently has enough canabis to last the “next 6.5 years”
The price of cannabis has plummeted in Oregon following the approval of Measure 91 in 2014, which legalised non-medical cultivation and uses of marijuana.
There was a further drop in the price of cannabis after Oregon Governor, Kate Brown, signed an emergency bill permitting recreational sale of cannabis from dispensaries starting October 1, 2015.
Oregon lawmakers overwhelmingly approved a proposal to freeze the cultivation of cannabis at their current levels for the next two years, voting 18-10 on Monday.
The move disproportionately affects those wanting to get their start in the booming cannabis industry. Oregon will now only allow current growers to renew their licenses while prohibiting new growers from applying for production licenses.
An earlier version of the proposal was rejected earlier this month by Republicans who believe the cannabis industry should be regulated by the free market, like all other industries, and not be interfered with by the Government.
However, some Republican dissenters reversed their vote for the new proposal, claiming the amended proposal is narrower in scope.
The measure will now need to be approved by the House before becoming law.
Democrat Sen. Michael Dembrow, from Portland, claimed the reason the proposal was introduced was due to the fact that Oregon now has enough cannabis to last for the next six-and-a-half years.
The extraordinary surplus of recreational cannabis has caused prices to plummet.
It appears that the Democrats seem to want the price of cannabis to sore, ensuring the money flows into the pockets of a few.
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