On July 13, U.S. District Court Judge Michael McShane put the ballot access relief for Oregon statewide initiatives into a written order. He had already ruled orally that he would grant such relief, but his 14-page order explains his reasoning and gives details. The order says the Secretary of State can put the initiative on the ballot. Or, the Secretary of State can cut the number of signatures by 50% and extend the deadline to August 17.
Here is the order in People Not Politicians v Clarno, 6:20cv-1053. UPDATE: the Secretary of State will appeal to the Ninth circuit. Thanks to Dan Meek for that news.