Arkansas medical marijuana sales set record in 2023

by Talk Business & Politics staff (staff2@talkbusiness.net)

Arkansas medical marijuana sales set a new record in 2023 with a 2.53% increase over 2022, and the number of Arkansans with active marijuana patient cards rose 8.4% in 2023, according to the Arkansas Department of Finance and Administration (DFA).

The DFA report posted Tuesday (Jan. 9) shows that medical marijuana sales totaled $283 million for the year, up from the previous record of $276 million in 2022. The state’s 38 dispensaries sold 62,227 pounds of marijuana in 2023, well above the 50,547 pounds in 2022. The state has licensed eight cultivators to provide products to the dispensaries.

The Arkansas Department of Health reports 97,374 active patient cards as of Jan. 9, up 8.4% from 89,855 at the end of 2022.

Arkansas medical marijuana sales set record in 2023

Arkansas medical marijuana sales top $211 million through September

by Talk Business & Politics staff (staff2@talkbusiness.net)

The demand for medical marijuana is not abating. Arkansas’ medical marijuana sales in the first nine months of 2023 totaled $211.3 million, up 3.1% compared with the same period in 2022, according to the Arkansas Department of Finance and Administration (DFA).

With average monthly sales of $23.5 million, sales are on track to top the 2022 record of $276.3 million. According to Thursday’s (Oct. 26) DFA report, August sales totaled $23.3 million and September sales were $23.2 million. The state has collected $23.47 million in tax revenue from medical marijuana in 2023. More than $113 million in tax revenue has been collected since 2019.

“Overall, patients have spent more than $965 million on medical marijuana purchases since the industry launched in May 2019,” said DFA spokesperson Scott Hardin. “This included $31 million in 2019, $182 million in 2020, $265 million in 2021, $276 million in 2022 and $211 million through September this year.”

Arkansas medical marijuana sales top $211 million through September

Medical marijuana sales up 4.6% for the year, prices becoming ‘more competitive’

by Michael Tilley (mtilley@talkbusiness.net)

Arkansas’ medical marijuana sales totaled $164.6 million in the first seven months of 2023, up 4.64% compared with the same period in 2022, according to the Arkansas Department of Finance and Administration (DFA). Sales are on track to top the 2022 record of $276.3 million.

Licensed patients spent $23.2 million in July to buy 5,157 pounds of medical marijuana in the state’s 38 licensed dispensaries. The July sales were down compared to $23.3 million in July 2022, but the July 2022 sales were for 4,171 pounds.

According to the DFA report issued Monday (Aug. 28), Suite 443 in Hot Springs had the most sales with 551 pounds. Following are the top five dispensaries for pounds sold in July.
• Suite 443 (Hot Springs): 551.66 pounds
• Natural Relief Dispensary (Sherwood): 462.07 pounds
• High Bank Cannabis (Pine Bluff): 282.59 pounds
• CROP (Jonesboro): 279.69 pounds
• The Releaf Center (Bentonville): 274.22 pounds

https://talkbusiness.net/2023/08/medical-marijuana-sales-up-4-6-for-the-year-prices-becoming-more-competitive/

Arkansas medical marijuana sales up 5.2% through June

by Talk Business & Politics staff (staff2@talkbusiness.net)

Arkansas medical marijuana patients have spent $141 million on purchases in the first half of 2023, up 5.2% compared with $134 million in the same period of 2022, according to figures from the Arkansas Department of Finance and Administration (DFA).

There were 29,057 pounds purchased in the first six months of 2023, up 26% compared with the same period in 2022. Medical marijuana purchases generated $16 million in tax revenue in the first six months of 2023. Since the first dispensary opened in mid-2019, $105 million in state tax revenue has been collected, according to DFA data.

“Since the first dispensary opened for business in 2019, approximately $900 million has been spent on medical marijuana purchases in Arkansas,” DFA Spokesperson Scott Hardin said in a statement. “With a sales average of $23.5 million monthly, we should surpass $1 billion in overall sales toward the end of this year. Patients are spending an average of $785,000 a day at the state’s 38 dispensaries.”

https://talkbusiness.net/2023/07/arkansas-medical-marijuana-sales-up-5-2-through-june/

Arkansas medical marijuana spending spikes on April 20; sales up 5.1%

by Michael Tilley (mtilley@talkbusiness.net)

Average per day spending on medical marijuana in Arkansas is $787,000, but that tally toked higher to more than $2 million on April 20, a date – 4/20 – associated with the celebration of marijuana use.

Data from the Arkansas Department of Finance and Administration (DFA) also show that licensed medical marijuana patients in the state spent $94.44 million for 18,847 pounds of medical marijuana, above the $89.835 million for 15,768 pounds in the same period of 2022. The sales total was up 5.1%, and the amount sold was up 19.5%.

The Arkansas Department of Health reports 94,282 active patient cards as of May 30, above the 93,977 active patient cards as of April 21, and up from 89,855 at the end of 2022.

https://talkbusiness.net/2023/05/arkansas-medical-marijuana-spending-spikes-on-april-20-sales-up-5-1/

Medical marijuana product sales up 1.1% in April

by Michael Tilley (mtilley@talkbusiness.net)

Medical marijuana patients spent $24 million in April at the state’s 38 dispensaries to obtain 4,213 pounds, up from the 4,166 pounds sold in March. Hot Springs is home to two of the top five dispensaries for the amount of product sold.

Sales for the first four months of 2022 total $89.8 million, and 15,678 pounds, according to the Arkansas Department of Finance and Administration (DFA).

Following are the top five dispensaries for product sold in April.
• Natural Relief Dispensary (Sherwood): 417.92 pounds
• The Releaf Center (Bentonville): 332.02 pounds
• Suite 443 (Hot Springs): 279.46 pounds
• CROP (Jonesboro): 274.44 pounds
• Green Springs Medical (Hot Springs): 222.84 pounds

https://talkbusiness.net/2022/05/medical-marijuana-product-sales-up-1-1-in-april/

Arkansas marijuana sales top $21 million in February; tax revenue was $2.3 million

by Michael Tilley (mtilley@talkbusiness.net)

Medical marijuana sales in Arkansas totaled $21.1 million in February, with sales based on tax revenue topping February 2021. Sales for the first two months of 2022 total $41.69 million and 7,389 pounds, according to the Arkansas Department of Finance and Administration (DFA).

The DFA reported Tuesday (March 22) that tax revenue from the state’s 37 licensed marijuana dispensaries was $2.333 million in February, above the $2.309 million in February 2021. Taxes collected are 6.5% of regular state sales tax with each purchase by a patient, and a 4% privilege tax on sales from cultivators to dispensaries. Most of the tax revenue is placed in the University of Arkansas for Medical Sciences National Cancer Designation Trust Fund.

https://talkbusiness.net/2022/03/arkansas-marijuana-sales-top-21-million-in-february-tax-revenue-was-2-3-million/