With $211 Million In Medical Marijuana Sales So Far This Year, Arkansas Is On Pace To Set New Record

Arkansas's medical marijuana program is on pace to set a new sales record this year, according to data from the Department of Finance and Administration (DFA). In the first nine months of 2023, medical marijuana dispensaries sold $211.3 million in products, which amounts to 44,949 pounds of cannabis, writes the Arkansas Democrat-Gazette.

"Overall, patients have spent more than $965 million on medical marijuana purchases since the industry launched in May 2019," stated Scott Hardin, a spokesperson for the DFA. "This included $31 million in 2019, $182 million in 2020, $265 million in 2021, $276 million in 2022 and $211 million through September this year. With monthly sales averaging $23.4 million, we remain on track to set a new sales record this year."

In August and September, dispensaries sold around $23 million worth of products, amounting to 10,765 pounds of cannabis. A dispensary in Hot Springs called Suite 433 dominated the market selling 575 pounds of medical marijuana in September, followed by Natural Relief Dispensary in Sherwood, which sold 452 pounds.

This year alone, Arkansas collected $23.5 million in tax revenue from medical cannabis sales, totaling $113 million since the first dispensaries opened in 2019. Taxes collected included 6.5% in regular sales tax with each purchase by a patient and a 4% privilege tax on sales from cultivators to dispensaries, according to Talks Business. The biggest portion of tax revenue is being used to support the University of Arkansas for Medical Sciences National Cancer Designation Trust Fund.

According to data from the Arkansas Department of Health, there are 96,056 registered medical marijuana patients, which compares to 89,855 at the end of last year.

Medical Marijuana And Firearms

In April, the state Senate passed legislation allowing registered medical marijuana patients to obtain concealed carry licenses; the law took effect in August. Earlier this month, the new law triggered concerns at the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) where Marianna Mitchem, chief of the Firearms and Explosives Industry Division, expressed "public safety concerns" in a letter to Arkansas officials. The biggest issue raised was the clash between the state and federal law, which forbids individuals who use controlled substances to possess firearms. 

See Also: Award-Winning Mary's Medicinals And Dixie Brands Cannabis Coming Soon To Arkansas

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