Arizona Recreational Marijuana Sales Hit Record High For October After Months Of Trending Upward

Arizona Recreational Marijuana Sales Hit Record High For October After Months Of Trending Upward

Arizonans legalized adult-use cannabis as part of the five-state green wave that occurred in the November 2020 elections. Since then, the state has stood out from the pack by quickly implementing and launching its adult-use market in February 2021. Sales took off in short order, amassing $2.9 million over the first 10 days. In March, sales reached $120 million.

Although there is no official sales data for Arizona, BDS Analytics, the leading cannabis market research company, estimates that sales of recreational cannabis reached an average of $55 million per month in July/August.

Record Highs Again In October

Weed sales soared again to record highs in October to nearly $58 million for the month, according to state tax officials, reported Arizona Mirror.

The Arizona Department of Revenue reported it had collected nearly $4.9 million in sales taxes—known as 'transaction privilege taxes' —were collected in October alone on adult-use marijuana sales.

In all, both medical and recreational programs have combined to more than $1.1 billion in cannabis sales in Arizona in the first 10 months of the year - with some $641 million in medical and $466 million in recreational.

Revenue from both cannabis programs has added more than $175 million in tax revenue to state coffers. Nearly $41 million of which went to the state’s general fund while $23 million to cities where the sales were made. Another $6.6 million went directly to fund public schools.

Image Via Pixabay. 

Posted In: arizonaSalestaxesCannabisMarkets

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