March 23, 2023

Arkansas medical marijuana income up virtually 10% within the first two months of 2023

Arkansas medical marijuana income within the first two months of 2023 totaled $45.5 million, up 9.6% in contrast with the identical interval in 2022, in accordance with the Arkansas Division of Finance and Administration (DFA).

Licensed sufferers spent the $45.5 million in January and February to buy 8,832 kilos of medical marijuana. A complete of $23.1 million was spent in January and $22.4 million in February.

Pure Aid Dispensary (Sherwood) bought the most important quantity over this two month interval at 884 kilos. Suite 443 (Scorching Springs) adopted with 856 kilos, CROP in Jonesboro was third at 539.6 kilos, The Releaf Middle in Bentonville was fourth with 496.04 kilos, and Purspirit Hashish in Fayetteville rounded out the highest 5 with 446.85 kilos.

“Gross sales for the primary two months of 2023 elevated by $4 million over the identical interval in 2022,”  stated DFA spokesperson Scott Hardin. “Moreover, state tax assortment on medical marijuana totaled $5.3 million for January and February. General, $94.7 million in state tax income has been collected for the reason that business launched in mid-2019.”

The Arkansas Division of Well being reported 92,337 lively affected person playing cards as of March 10, up from the 89,855 playing cards on the finish of 2022.

Gross sales within the first two months comply with report medical marijuana income in 2022 of $276.3 million, up 4.3% in contrast with the earlier report of $264.9 million in 2021. For the 12 months, Scorching Springs was the new spot for gross sales, with a mixed 6,258.77 kilos bought within the metropolis by two dispensaries (Suite 443 and Inexperienced Springs Medical) in 2022. The 38 licensed dispensaries within the state bought 50,547 kilos in 2022, up 25.2% in contrast with 40,347 kilos bought in 2021.

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Taxes collected are 6.5% of standard state gross sales tax with every buy by a affected person and a 4% privilege tax on gross sales from cultivators to dispensaries. A lot of the tax income is positioned within the College of Arkansas for Medical Sciences Nationwide Most cancers Designation Belief Fund. The state additionally collects a cultivator privilege tax, which suggests tax income will not be all the time tied to how a lot product is purchased by customers at dispensaries and the worth for the product bought to dispensary prospects.

The constitutional modification legalizing medical marijuana for 17 qualifying situations and making a state medical marijuana fee was permitted by Arkansas voters 53% (585,030) to 47% (516,525) in November 2016.