Oregon’s cannabis regulatory agency is recommending that state lawmakers continue a moratorium on new marijuana cultivation licenses until 2024.

In 2019, Oregon lawmakers voted to halt issuing new recreational marijuana licenses for two years, citing overproduction that was causing the market’s wholesale prices to tank.

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The statutory moratorium expires next year.

Oregon Liquor and Cannabis Commission Executive Director Steve Marks said the moratorium extension will be recommended to the state Legislature and governor’s office.

In related news, the commission approved penalties for five cannabis companies that violated state rules.

The following companies will surrender their recreational marijuana licenses:

  • Clay Wolf, processor, seven violations.
  • Takilma Road Operator, producer, seven violations.
  • Hydroberry Holdings, producer, three violations.
  • River Dew Farms, producer, three violations.
  • Waterwheel Ventures, producer, three violations.