Two years ago, the Treasury Department gave banks permission to do business with legal marijuana entities with conditions, including trying to make sure the customers are complying with regulations.

Two years ago, the Treasury Department gave banks permission to do business with legal marijuana entities with conditions, including trying to make sure the customers are complying with regulations.

Bryan M. Vance/OPB

Oregon’s legal marijuana sales brought in nearly $265 million in 2015, according to a report by leading cannabis market research firms. The report projects Oregon’s legal marijuana sales will reach $481 million by the end of 2016.

The state Department of Revenue reported earlier this month that more than $3.4 million in taxes had been collected on legal marijuana sales in February.

The state’s decision to allow existing dispensaries to begin selling recreational marijuana in October 2015, and ahead of licensing for adult-use retail locations, has boosted dispensary revenue and proven market demand, said Troy Dayton, CEO of The ArcView Group, which co-authored the report.

Oregon is a trailblazer when it comes to cannabis reform — it was the first state to decriminalize marijuana, allows medicinal use and the third to legalize recreational use — so it will “be quite interesting to see how they do in 2016,” said Giadha DeCarcer, Founder and CEO of New Frontier, the report’s other co-author.

Read more at the Statesman Journal.