Arkansas sold $ 33 million in medical marijuana in the past 6 weeks

The Arkansas legal medical cannabis market had sales totaling $ 33 million from mid-July through the last day of August.

The number of Arcansan spending their dollars in legal state pharmacies is increasing day by day.

Sales of $ 33 million in just six weeks are record breaking in the state. This number means that the additional revenue for the entire period has increased by at least $ 6 million compared to revenue in the previous months.

Arkansas and Weed Legalization

The state of Arkansas legalized the use of medical marijuana products through an election in 2016.

Medical cannabis legislation allows licensed medical cannabis dispensaries to sell drugs to medical marijuana patients in the state. Patients are not allowed to grow cannabis plants themselves. Anyone interested in medical marijuana treatment must rely on licensed pharmacies to write their prescriptions.

For those who cannot purchase the drugs themselves, their caregivers are allowed to buy the prescribed plant on their behalf. As long as their medical marijuana ID or registration card is presented to the appropriate caregiver.

The public consumption of medical marijuana drugs is prohibited. Registered patients are only allowed to use medical marijuana at home.

Medical marijuana dispensaries in Arkansas Post Legislature

Arkansas’s first medical marijuana dispensary began operations more than two years after the deal was approved. On the first day it opened, there were fears that the pharmacy would be overwhelmed by the sheer volume of customers legally buying cannabis products for the first time.

The hot spring facility operated on its own for a few weeks before other pharmacies were inspected, approved, and ultimately licensed. The licensed pharmacies source most of their medical marijuana products from licensed breeders.

The pharmacies offer marijuana menus to customers. The menus list the cannabis strains available as well as their potency, price and descriptions. In the early days of operation, there were always long lines in front of the cannabis stores with limited products available. That has all changed now. Arkansas has about 36 licensed medical cannabis dispensaries, with more to be opened soon.

Currently, over 20,000 residents have been approved and issued by the state health department.

The total revenue generated in 2020 reached the $ 175 million mark

In 2020, as in other states, Arkansas had massive cannabis sales due to the pandemic. The state’s pharmacies made a total of $ 175 million from early 2020 through December 31. It did so less than 24 months after the branch opened.

Approximately 26,000 pounds of cannabis products have been made available to medical marijuana patients in Arkansas.

The high demand for cannabis over the past year has resulted in more pharmacies being approved. The year started with around 8 pharmacies but ended three times as many.

The high income prompted the state government to open a licensing department for processors. After these processors started operating, new items such as edibles and vape products appeared for sale in the licensed pharmacies

.

Revenues from mid-July to late August were $ 33 million

The medical cannabis industry in Arkansas is nearing the $ 500 million mark and could break that mark sooner than expected. The Department of Finance and Administration (DFA) released data on last week’s sales. The data showed that thousands of Arkansan people spent approximately $ 33 million on medicinal cannabis within six weeks.

Pharmacies sold more than 5,000 pounds of medicinal cannabis products during that period.

From June to mid-July, these patients purchased less than 4,000 pounds of medicinal cannabis, valued at $ 26.5 million.

The 36 licensed cannabis dispensaries within the state open for sale at least 5 days a week. Two more pharmacies have reportedly been licensed and are working to open in the next few weeks.

Since medical cannabis began selling in 2019, at least 17 pharmacies in the state have sold more than 1,000 pounds of medicinal cannabis.

Most of the cannabis was sold by the Releaf Center in Bentonville. The center has spent around £ 6,200 in medical sales since it opened in August 2019.

The medical cannabis industry has had its fair share of problems

It has been reported that producers may have plans to boycott some pharmacies. The Green Springs Medical Dispensary filed a motion with the Garland County Circuit Court to prevent farmers from boycotting medical dispensaries in Arkansas. The Green Springs group was previously the best-selling medical cannabis nationwide.

Some time ago, Reagan Vicentic made some comments about the state needing more farmers to meet the increasing demand in the state.

Hopes for a recreational cannabis industry in Arkansas

Cannabis advocates have started rallying around supporters to include a recreational cannabis election in the 2022 midterm elections. If the required signatures are collected and the correct language is used in draft action, Arkansas could soon have adult use laws.

Legislation to be voted on will allow the possession, use, and sale of cannabis by Arkansas residents 21 years of age or older. It would also allow registered adults to grow around 12 stocks of cannabis plants for personal use in their homes. Convicts of cannabis-related offenses can also erase their now legal offenses if the change is approved.

An Arkansas True Grass representative identified as Jesse Rapheal interviewed 40/29 News in July. Raphael said the medical marijuana program had flaws but praised the state for what it has achieved in the past few years since the program was set up. She added that the drugs the pharmacies sell are quite expensive and may not be affordable for some. She suggested that registered patients be allowed to grow some stocks of cannabis in their homes.

The planned recreational cannabis campaign has until July 2022 to collect the required signatures and to receive the measure in the interim votes.

Bottom line

The medical cannabis industry in Arkansas can only go up from here. This time next year, there is a high probability that the industry would have exceeded its first billion in sales.

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