Arkansas Generates $23.5 Million in Tax Revenue from Medical Marijuana in 2021, Setting Pace for Record Sales
Kim Jarrett, a writer for The Center Square, has penned the following piece.
According to recent information from the Arkansas Department of Finance and Administration, the sales of medical marijuana in the state have generated a considerable amount of tax revenue, specifically, $23.5 million in total.
According to the DFA, patients bought medical marijuana worth $211.3 million in the first nine months of 2023, which is an increase from $205 million during the same period in 2022.
According to statistics, the dispensaries in the state sold a whopping 44,000 pounds this year alone. In August, they sold 5,227 pounds, and in September, they sold 5,538 pounds.
According to Scott Hardin, the spokesperson for DFA, the medical marijuana industry has witnessed patients spending over $965 million on purchases since its launch in May 2019. The breakdown of this expenditure reveals that $31 million was spent in 2019, $182 million in 2020, $265 million in 2021, $276 million in 2022, and $211 million until September of this year. With an average monthly sale of $23.4 million, it is expected that the industry will set a new sales record this year.
According to the DFA, tax revenue exceeding $113 million has been collected by the state since 2019.
Currently, there has been a rise in the number of patients receiving medical marijuana cards from 89,855 to 96,056. Patients and caregivers are required to pay a $50 application fee in order to obtain the card, with an additional $37 fee for a background check for caregivers. This information has been provided by the Arkansas Department of Health.
During August and September, Suite 443, a dispensary located in Hot Springs, Arkansas, achieved a remarkable feat by selling over 1,100 pounds, surpassing every other dispensary in the state.
The original source of this article is The Center Square.
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