Over 4000 Pounds Of Medical Cannabis Sold In Arkansas, Sales Pull In $200 Million So Far This Year

Over 4000 Pounds Of Medical Cannabis Sold In Arkansas, Sales Pull In $200 Million So Far This Year

According to a report from the Arkansas Department of Finance and Administration (DFA), the state's medical cannabis sales have hit $200 million in 2022, with patients spending $23.9 million at 38 licensed dispensaries in September, to obtain 4,571 pounds of cannabis, reported KNWA.

“Patients spent approximately $800,000 daily in September on medical marijuana purchases,” said Scott Hardin, a spokesperson for the DFA. “Additionally, 4,571 pounds is the largest month for sales in 2022. Through the first nine months of 2022, patients have spent $205 million to obtain 36,600 pounds of medical marijuana. We anticipate 2022 sales will surpass the $264.9 million spent in 2021,” added Hardin. 

Economic impact

There are 92,035 patients already enrolled in the medical cannabis program.

The legalization of recreational marijuana by adults is Issue 4 on the Arkansas general election ballot. If Arkansas voters approve the initiative this November, the market could see more than $460 million in tax revenue over five years. According to the Arkansas Economic Development Institute (AEDI), the legalization of adult-use cannabis would create 6,400 jobs by 2027.

“The measurable economic impact of introducing an adult-use marijuana market, including economic activity diverted from illicit markets, is estimated to increase state gross domestic product by up to $2.36 billion over five years,” said Michael Pakko, chief economist at AEDI.

The five-year analysis found that Arkansas could see yearly sales reach $984 million by 2027 and $163.1 million in revenue from the standard state sales tax on marijuana purchases.

Supplemental revenue would be distributed as follows: $45.5 million in annual stipends for law enforcement, $34 million for the University of Arkansas for Medical Sciences, $15.2 million for drug courts in the state and $212.5 million for a general fund.

Photo by Mick Haupt on Unsplash

Posted In: Arkansas Department of Finance and Administrationcannabis in ArkansasMichael PakkoScott HardinCannabisEarningsGovernmentNewsRegulationsRetail SalesMarkets

BENZINGA CANNABIS CONFERENCE

Meet the biggest cannabis industry players and make deals that will push the industry forward.

Featuring live company presentations, insider panels, and unmatched access to networking, the Benzinga Cannabis Capital Conference is where cannabis executives and entrepreneurs meet.

Join us April 11-12, 2023 at Fontainebleau Miami Beach in sunny Florida.