This Southern State Smashes Records With $283M In 2023 Medical Cannabis Sales

Arkansas residents spent a record-breaking $283 million on medical cannabis in 2023, which is an increase from 2022 revenue of $276 million, reported Talk Business & Politics, citing the latest data from the Department of Finance and Administration.

This year’s millions in sales came from the distribution of 62,227 pounds of cannabis bought from the state’s 38 dispensaries.

Suite 443 in Hot Springs emerged as the leading dispensary in 2023, selling an impressive 6,279 pounds of marijuana. Natural Relief Dispensary in Sherwood and CROP in Jonesboro came in second and third with 5,647 pounds and 3,512 pounds of cannabis, respectively, sold over the last year.

Scott Hardin, a spokesperson for the department said the state's medical marijuana industry hit a $1 billion mark in total since the first cannabis store kicked off sales in 2019. In November 2016, Arkansas gave the green light to the constitutional amendment that endorsed medical marijuana for 17 qualifying conditions.

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

"From $31 million in sales in 2019 to $283 million in 2023, the industry has grown each year," Hardin said. "The $25.6 million spent in December was the largest monthly amount in 2023."

Since the introduction of cannabis sales, over $120 million in tax revenue has been generated. However, Hardin emphasized sales numbers do not always align with tax revenue.

"For example, there may have been large payments made by permit holders in 2022 due to audits from previous years," he explained. "Those payments would then be included in the month in which it was paid in 2022. Additionally, there is a delay in which we receive the revenue. December was the largest month for sales in 2023."

The legalization of recreational marijuana for adults (Issue 4) was on the Arkansas general election ballot in November of 2022. The initiative failed to pass, with a majority of people voting against it.

Now read: ATF Concerns Emerge Over Arkansas’ Medical Marijuana And Concealed Carry Gun Laws

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