Arkansas medical marijuana users will spend less in 2024 as prices are lowered. This is because the sales of cannabis have increased, but dispensary revenues decreased.
Last year’s medical marijuana sales by the 37 state-licensed retailers increased 21.5% compared to 2023. The total amount of sales dropped 2.5%, to $275.9 Million. This was reported first by KNWA-TV.
Scott Hardin stated in a release that “lower prices” were the main reason behind the rise.
In the past year, the state has collected over $31,000,000 in marijuana taxes. This includes nearly $16,000,000 from the 6.5% standard sales tax as well as $15.2,000,000 from an additional 4% special tax for sales between dispensaries and growers.
The first Arkansas dispensary Suite 443, in Hot Springs sold 730 pounds during December. Natural Relief Dispensary sold 547 lbs in Sherwood while CROP moved 419 lbs in Jonesboro. 11 stores had sales of less than 100 pounds during the month. Cannabis Business Times
Arkansas was looking for ways to grow its market, but the Arkansas Supreme Court struck down a ballot initiative that allowed more people to qualify and cultivate plants at home. The court ruled 4-3, that the language of the measure’s proposal is misleading.
Arkansas’ medical cannabis program, which currently serves approximately 110,000 patients and opened its first store in May 2019, has reaped more than $1.3 Billion in sales. The volume of 6 721 pounds sold in December was worth $24 Million.
The program has generated approximately 150 million dollars in total revenue for the state since it was launched.