Friday, May 24, 2024

Medical Weed Sales Hit More Than $200 Million In This State, 36K+ Pounds Sold So Far In 2022

The measurable economic impact of introducing an adult-use marijuana market is estimated to increase state gross domestic product by up to $2.36 billion over five years

By Nicolás Jose Rodriguez

According to a report from the Arkansas Department of Finance and Administration (DFA), the state’s medical cannabis sales have hit $200 million in 2022, with patients spending $23.9 million at 38 licensed dispensaries in September, to obtain 4,571 pounds of cannabis, reported KNWA.

“Patients spent approximately $800,000 daily in September on medical marijuana purchases,” said Scott Hardin, a spokesperson for the DFA. “Additionally, 4,571 pounds is the largest month for sales in 2022. Through the first nine months of 2022, patients have spent $205 million to obtain 36,600 pounds of medical marijuana. We anticipate 2022 sales will surpass the $264.9 million spent in 2021,” added Hardin.

buying marijuana dispensary
Photo by CasarsaGuru/Getty Images

Economic impact

There are 92,035 patients already enrolled in the medical cannabis program. The  legalization of recreational marijuana by adults is Issue 4 on the Arkansas general election ballot. If Arkansas voters approve the initiative this November, the market could see more than $460 million in tax revenue over five years. According to the Arkansas Economic Development Institute (AEDI), the legalization of adult-use cannabis would create 6,400 jobs by 2027.

RELATED: Some Cities Are Inadvertently Supporting Illicit Cannabis Sales, According To New Report

“The measurable economic impact of introducing an adult-use marijuana market, including economic activity diverted from illicit markets, is estimated to increase state gross domestic product by up to $2.36 billion over five years,” said Michael Pakko, chief economist at AEDI.

The five-year analysis found that Arkansas could see yearly sales reach $984 million by 2027 and $163.1 million in revenue from the standard state sales tax on marijuana purchases.

RELATED: Can You Guess Which State’s Marijuana Sales Just Surpassed $3 Billion?

Supplemental revenue would be distributed as follows: $45.5 million in annual stipends for law enforcement, $34 million for the University of Arkansas for Medical Sciences, $15.2 million for drug courts in the state and $212.5 million for a general fund.

This article originally appeared on Benzinga and has been reposted wit permission.

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