Little Rock, Arkansas – Arkansas officials have indicated that the state’s medical marijuana industry is poised to attain a new record in sales this year.
In the first half of the year, spanning January through June, transactions in this sector amounted to $141 million, reflecting the sale of slightly over 29,000 pounds of marijuana. This information was provided by the Arkansas Department of Finance and Administration.
In comparison, sales for the same duration in 2022 stood at $134 million, demonstrating a clear increase in the current year. Projections indicate that, if this positive trend persists, sales for 2023 could exceed $280 million. To put this into perspective, the highest recorded sales for medical marijuana in the state was $276 million, which was achieved in the previous year.
Scott Hardin, a spokesperson for the Arkansas Department of Finance and Administration, has stated that the state’s medical marijuana industry has “flourished” since its establishment.
Arkansas’ journey with medical marijuana began in 2016 when voters approved a constitutional amendment to legalize it. The first outlet for dispensing these products was inaugurated in the state in 2019. Since then, the sales of medical marijuana have contributed a significant $105 million in tax revenue for the state.
Despite this success, an attempt to legalize recreational marijuana through a constitutional amendment was rejected by voters in the past year.
