Associated Press

The Oregon Senate shot down a plan to limit the state's supply of recreational, legal marijuana.

The proposal responds to a rampant oversupply of marijuana that's caused prices to plummet. The measure would have allowed the state to limit the number of marijuana production licenses it issues based on supply and demand for the product.

Democrat Sen. Michael Dembrow from Portland said oversupply has left the state with enough marijuana to last nearly seven years. He said managing the amount of marijuana produced could prevent the product from slipping into the black market.

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Senate Minority Leader Herman Baertschiger, Jr., said the state should instead let the free market dictate prices. He said the plan amounted to "socialism" and was "a stab at capitalism in pure form."

Lawmakers voted down the proposal 17-13. The measure was moved back to the Rules Committee for further consideration.

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