Medical cannabis sales revenue tops $447 million in Arkansas

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Bethan Rose Jenkins, Cannabis News Writer/Editorial

Arkansas’ medical cannabis market has been officially active since the first dispensaries opened in May 2019. During the industry’s years of operation, cannabis sales revenue has topped $447 million.

According to retailers, a total of 66,994 pounds of medical cannabis has been sold to registered patients since sales first began more than two years ago. From this amount, the state has generated more than $45 million in cannabis tax revenue. 

Medical cannabis legalization was voted into effect by residents back in the year 2016 via a constitutional amendment. To date, 78,585 medical cannabis patients are enrolled in the statewide program.

Voters in Arkansas approved the state’s medical cannabis measure with a vote of 53 percent (585,030) to 47 percent (516,525). The law legalized medicinal-grade cannabis for 17 qualifying conditions and also established a medical cannabis commission.

Arkansas’s medical cannabis program has shifted 3,500+ pounds since its inception

Data published by the Arkansas Department of Finance, which serves as parent branch of the Arkansas Medical Marijuana Commission, confirmed that 3,527 pounds of cannabis was sold by the state’s 37 licensed dispensaries during the month of October.

Let’s take a look at the state’s five top-performing dispensaries:

  • Releaf Center – Since opening on August 7, 2019, this dispensary has sold 7,030.66 pounds of medical cannabis. During the month of October, the Bentonville-based store sold 332.17 pounds.
  • Green Springs MedicalSince opening on May 12, 2019, this dispensary has sold 5,105.98 pounds of medical cannabis. During the month of October, the Hot Springs-based store sold 5,105.98 pounds.
  • Natural Relief DispensarySince opening on March 17, 2020, this dispensary has sold 5,024.54 pounds of medical cannabis. During the month of October, the Sherwood-based store sold 332.27 pounds.
  • Suite 443 – Since opening on May 10, 2019, this dispensary has sold 4,529.16 pounds of medical cannabis. During the month of October, the Hot Springs-based store sold 273.54 pounds.
  • Acanza – Since opening on September 14, 2019, this dispensary has sold 4,100.2 pounds of medical cannabis. During the month of October, the Fayetteville-based store sold 157.23 pounds.

How does Arkansas benefit from cannabis sales tax revenue?

So far, the amount of tax revenue generated through Arkansas’ cannabis program falls just below $45 million. Other states, such as California, Colorado and Washington, are also raking in healthy tax revenue from their legal cannabis markets.

According to KUAR, a public radio station in Little Rock, the majority of cannabis sales tax revenue in Arkansas is being set aside for the University of Arkansas for Medical Sciences National Cancer Designation Trust Fund.

Meanwhile, a proposed constitutional amendment, titled, “The Arkansas Adult Use and Expungement Marijuana Amendment,” was filed on Thursday, November 4. If successfully voted on during the 2022 ballot, the measure would legalize recreational cannabis across Arkansas.