Oregon Begins Selling Legal Pot

On October 1, adults over the age of 21 were able to exercise their right to

. The state passed a law this summer relaxing the laws governing cannabis products, and after three months of debate over how the market would operate, recreational pot dispensaries were able to open their doors.

The decision to allow recreational marijuana in Oregon represents a big step forward for the drug's supporters as the state will join a handful of others that have embraced a legal cannabis market. The drug has been gaining notoriety across the US as it becomes more socially acceptable. As the industry is still in its infancy, marijuana firms have had very little influence on legislation, but many believe that as it grows in size, the industry will have a larger sway in Washington.

For Oregon, the marijuana market is expected to bring in a welcome boost for the state's tax revenue. High taxes on the drug are much of the reason that several US states have begun to consider its legalization, and Oregon is no exception. Marijuana is set to be taxed at a rate of 25 percent beginning in January and the state has

a $10.7 million bump in revenue due to marijuana sales over the next two years.

At a federal level, marijuana is still considered to be illegal. That means that most marijuana firms are unable to accept credit cards as they are shut out from traditional banking. Businesses operating in the marijuana market are also exempt from small business tax cuts, making their operations much more expensive than those who start a business in another industry. With a new administration set to take office in 2016, it remains to be seen how marijuana's treatment at a federal level will change, but most expect that the incoming President will maintain Obama's "hands-off" stance on the legal marijuana market and allow states to make their own decisions regarding the drug.