Oregon's cannabis industry is drowning in its own supply — last year's record-breaking harvest exacerbated an already oversaturated market and dropped consumer prices to their lowest ever, according to a new state report.

Why it matters: While consumers benefit from rock-bottom prices, independent growers, manufacturers and distributors are facing razor-thin margins amid wavering demand.

By the numbers: Nearly 12.3 million pounds of cannabis was harvested in 2024, the largest ever thanks to "ideal growing conditions in Southern Oregon," per a recent Oregon Liquor and Cannabis Commission report.

• Yes, but: Demand remains flat. The total number of sales ($960 million) is roughly the same as last year.
• OLCC estimates only 57% of the supply met demand — meaning there's double the amount of product compared with what people are actually buying.
• That led to the median retail price-per-gram of flower dropping to $3.75, the lowest since legalization nearly a decade ago.

State of play: Oregon's cannabis market has been stuck in a cycle of overproduction for years, despite lawmakers' 2019 moratorium on new licenses for growers and retailers.

• Oregon, like other states, is holding out hope for federal legalization or rescheduling, which would open the door to interstate commerce — selling product across state lines — and banking reform.
• Experts told Axios not to expect that to happen under the Trump administration. Instead, "state reform has to take place," Beau Whitney, founder of Portland-based cannabis consulting company Whitney Economics, said.

What they're saying: Because demand is capped, Whitney suggests the state should start capping supply, too, and loosening regulations that require Oregonians to buy their weed through a dispensary.

• "That's actually proving to be a failed model," he told Axios. "For example, in Minnesota, they can go to the grocery store and get a THC beverage, so it makes it much easier for consumers to participate."

Zoom in: As for the state's independent cannabis businesses, the report paints a "bleak" picture of what's ahead, Vince Sliwoski, a cannabis lawyer, told Axios.

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The recent success of the Portland Trail Blazers, winners of eight of their last nine games, may be the biggest hurdle this young team needs to overcome.

Why it matters: Every win the team notches lessens their odds of securing a high pick in the next draft, an inflection point for a team in the midst of a rebuild and still searching for star power.

Zoom in: Over the last several weeks, the Blazers have beaten the Orlando Magic twice, the Phoenix Suns twice and — spoiling Damian Lillard's second return to Portland since he was traded — the Milwaukee Bucks.

• Their only loss since Jan. 19 was to the Oklahoma City Thunder, who lead the Western Conference with a record of 38-9.

By the numbers: With a record of 21-29, the Blazers sit in 13th place in the Western Conference.

• They're within shouting distance — 4.5 games back — of the 10th seed, which would land them in the play-in tournament with a chance to make the playoffs.

The big picture: All this winning is great for fans — and for a roster filled with young players who need the experience — but it could hurt the Blazers when it comes to the upcoming draft.

• The draft is determined by a lottery — the teams with the worst records have the best chance of landing an early pick.
• This draft class is one of the strongest in years, led by Cooper Flagg, a freshman guard at Duke.

Who might get traded

🏥 Workers at Portland women's clinics reached a tentative contract agreement with Providence Oregon to end a month-long labor strike, though the deal does not cover roughly 5,000 other healthcare workers who remain on strike. (The Oregonian)

❄️ Chances of snow evaporated over the weekend, but could return tomorrow and Thursday as temperatures fall and more moisture moves into the region, though little accumulation is expected at the lowest elevations in Portland. (KGW)

⛽ A new bill proposed in the Legislature would allow Oregon cities to raise their gas taxes without voter approval as legislators look for ways to fund the state's transportation system. (OPB)

🐘 The Oregon Zoo has a new resident after Rose-Tu, a 30-year-old Asian elephant, gave birth to a healthy — and hefty — 200-pound baby over the weekend. (Willamette Week)

Magna Kusina, located on the happening corner of SE 26th Avenue and Clinton Street, specializes in Filipino comfort food and snacks.

🍖 The menu: Here you'll find staples like pancit bihon (fried rice noodles with veggies and garlic), meat skewers, sizzling plates of sisig (topped with steamed egg) and lumpia — all things you'd find on the streets of the Philippines.

• Specialty dishes, like homemade squid ink noodles bathed in crab fat or breaded pork chop with a rich, dinuguan-style gravy, are made with celebration in mind.

🦀 Best bites: The shrimp, milk bread toast served with beans and smoked sausage was the standout. Packed with so much flavor — subtle and spicy.

• Meanwhile, the crab fat noodles were slick with a rich sauce and complemented by a crunchy corn and pepper chow chow.

Pro tip

The average annual cost of full auto coverage increased by 23% in Oregon last year — shooting up to an average of $1,811 — well above a 15% increase seen nationwide, per a new report from Insurify.

Yes, but: California drivers saw their yearly costs soar by 48% to an average of $2,575.

• Minnesota saw the biggest jump in the nation, with insurance costs climbing a whopping 58% to $2,524 per year.