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Medical Cannabis Sales In Arkansas Reached $44.8 Million In February And March 2024

According to Arkansas’ Department of Finance and Administration, registered Arkansas medical cannabis patients bought $44.8 million worth of medical cannabis products in February and March 2024.

“The DFA reported that in February, patients spent $22.1 million to purchase 5,612 pounds. In March, they spent $22.7 million to buy 6,069 pounds.” stated KAIT8 in its initial reporting. “Since the start of the year, dispensaries have sold 17,240 pounds of medical marijuana and collected $68 million.”

“The state’s medical marijuana industry will soon reach five years in operation as the first dispensary opened in May 2019,” said Scott Hardin, spokesperson for the Department of Finance and Administration, according to initial reporting by KATV. “Overall, more than $1.10 billion has been spent that time across the state’s 38 dispensaries. The Arkansas Department of Health reports more than 102,000 active patient cards.”

Suite 443 in Hot Springs, Arkansas (opened May 10, 2019) made the most combined medical cannabis sales in February and March at 1,080 pounds total, with Natural Relief Dispensary in Sherwood (opened March 17, 2020) at 1,067 pounds.

“$4.78 million in tax revenue has been accumulated by the state from medical marijuana in February and March. Revenue from the 6.5% state sales tax and the 4.0% privilege tax is represented in the total.” stated KATV in its coverage. “As of now, $7.37 million has been collected in 2024. In state tax revenue, over $127 million has been made since the industry opened.”

On November 8, 2016, Arkansas voters approved Amendment 98 which legalized cannabis for medical use by suffering patients in the state. The measure was approved by 53% of Arkansas voters, making Arkansas the 33rd state in the United States to adopt a medical cannabis legalization measure. In 2017, the Arkansas Legislature made various revisions to the amendment.

After several delays, the first legal medical cannabis purchase was made in Arkansas on May 11, 2019. The average reported price on opening day ranged from $395 to $420 an ounce.

In mid-April 2024, the State of Arkansas’ medical cannabis program surpassed the 100,000 patient milestone.

“In its latest update on April 13, the state Department of Finance and Administration reported 102,222 active cards, an increase of more than 8,000 from the 93,977 active cards a year ago.” the Arkansas Times stated in its initial coverage. Arkansas is home to 38 medical cannabis dispensaries according to the Arkansas Times’ reporting.

For contextual purposes, below are the patient counts of other states according to the Marijuana Policy Project:

  • Arizona – 127,162
  • Florida – 831,775
  • Pennsylvania – 712,421
  • Utah – 71,850

Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.

Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:

  • 2024: $31.4 billion (9.1% growth from 2023)
  • 2025: $35.2 billion (12.1% growth from 2024)
  • 2030: $67.2 billion
  • 2035: $87.0 billion

The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.

“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.