Since Arkansas legalized medical marijuana in 2019, sales have surpassed $1 billion.
According to data released by the Arkansas Department of Finance and Administration, medical marijuana sales were at $988 million as of the end of October. Although November sales totals have not been released, there has been well more than enough medical marijuana sold this month to surpass the $1 billion mark.
“We’re totally confident we’ve surpassed that,” says Scott Hardin, a spokesperson for the department.
Hardin says the state has averaged $772,000 worth of medical marijuana sales each day so far this year.
There are currently 38 medical marijuana dispensaries located throughout Arkansas. These are supplied by eight licensed cultivation facilities and eight processing centers.
Yearly medical marijuana sales goes as follows:
- 2019: $31.2 million
- 2020: $181 million
- 2021: $264 million
- 2022: $276
- 2023: $234 million through the start of November
Bill Paschall, executive director of the Arkansas Cannabis Industry Association, says reaching the $1 billion mark “underscores the growing acceptance and recognition of the therapeutic benefits of cannabis and the commitment of the state’s medical cannabis licensees to providing safe, quality and innovative products that meet patients’ needs,. The men and women employed by the marijuana industry look forward to continuing to positively impact the lives of Arkansans and contributing to the evolving cannabis landscape.”
Paschall says the industry has “untapped potential”.
According to the department, there are around 100,000 authorized medical marijuana patients in Arkansas.
Last year Arkansas voters rejected an initiative that would have legalized recreational marijuana. However proponents have vowed to move forward with the new measure they hope to place on the 2024 general election ballot.
In the legislature State Senator Joshua Bryant filed legislation earlier this year that would have made recreational marijuana a constitutional right, but it failed to advance in the Senate before the end of the legislative session.
