Medicinal weed sales in the state have exceeded $200 million, with more than 36,000 pounds sold so far in 2022
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According to a report by the Arkansas Department of Treasury and Administration (DFA), the state’s medicinal cannabis sales hit $200 million in 2022, with patients spending $23.9 million at 38 licensed dispensaries in September, up £4,571 Obtaining cannabis, KNWA reported.
“Patients spent about $800,000 a day purchasing medical marijuana in September,” said Scott Hardin, a spokesman for the DFA. “Additionally, £4,571 is the top-selling month of 2022. In the first nine months of 2022, patients spent $205 million to obtain 36,600 pounds of medical marijuana. We expect 2022 sales to exceed the $264.9 million spent in 2021,” Hardin added.
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economic impact
There are already 92,035 patients enrolled in the medicinal cannabis program. Legalization of adult recreational marijuana is issue 4 of the ballot for the Arkansas general election. If Arkansas voters approve the initiative in November, the market could generate more than $460 million in tax revenue over five years. According to the Arkansas Economic Development Institute (AEDI), legalizing adult-use cannabis would create 6,400 jobs by 2027.
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“The measurable economic impact of introducing an adult marijuana market, including economic activity diverted from illicit markets, will add up to $2.36 billion to federal gross domestic product over five years,” said Michael Pakko, chief economist at AEDI.
The five-year analysis found that Arkansas could reach $984 million in annual sales and $163.1 million in state standard sales tax revenue on marijuana purchases by 2027.
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Additional revenue would be distributed as follows: $45.5 million in annual law enforcement grants, $34 million for the University of Arkansas for Medical Sciences, $15.2 million for state drug courts, and 212.5 Millions of dollars for a general fund.
This article originally appeared on Benzinga and was republished with permission.
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