Arkansas rakes in $10 million in medical cannabis sales since January 1

Bethan Rose Jenkins, Cannabis News Writer/Editorial

In May 2019, sales of medical cannabis in Arkansas commenced. Since this time, the state has earned $40 million in cannabis sales revenue. Of that amount, $10 million was pulled in during the first six weeks of 2020; based on data published by the state on Friday, February 7.

According to state figures, the amount of legal medical cannabis in Arkansas sold to qualified patients since the first dispensary opened its doors totaled 6,252 pounds; equivalent to $40.46 million in sales revenue. Spokesman for the Arkansas Department of Finance and Administration, Scott Hardin, told MJBiz Daily that revenue results have surpassed expectations. He claims that the numbers indicate a strong market that will “significantly expand.”

Information pertaining to the medical cannabis patient count is frequently updated by the Arkansas Department of Health, which is in charge of providing oversight for the market. As of February 17, 2020, the number of patients enrolled in Arkansas’ medical cannabis program has surpassed 6,000.

Vast majority of medical cannabis in Arkansas sold at Hot Springs dispensary

Arkansas is home to three million people. Since medical cannabis legalization was enacted across the conservative state, approximately 32 dispensaries have opened their doors; a number of which are still awaiting final approval. Most recently, a dispensary began ushering in customers on February 14 –Harvest House of Cannabis in Little Rock. 

Hardin recently published a list detailing cannabis dispensary sales in Arkansas. The list revealed that a combined total of 1,989.58 pounds of medicinal-grade cannabis has been sold throughout dispensaries in Northwest Arkansas since the beginning of 2020. Green Springs Medical (Hot Springs) sold the most – 1,407.98 pounds – during its first day of sales on Sunday, May 12. 

Trailing behind Green Springs is Releaf Center in Bentonville (673.44 pounds of medical cannabis); Native Green Wellness in Hensley (625.97 pounds); Acanza in Fayetteville (587.03 pounds); The Source in Bentonville (572.75 pounds); Fiddler’s Green in Mountain View (530.68 pounds); Harvest in Conway (476.41 pounds); Suite 443 in Hot Springs (331.11 pounds); Arkansas Natural Products in Clinton (244.51 pounds); Greenlight Dispensary in Helena (271.00 pounds); Purspirit Cannabis in Fayetteville (156.36 pounds); NEA Full Spectrum in Brookland (137.71 pounds); Fort Cannabis in Fort Smith (125.10 pounds); 420 Dispensary in Russellville (58.35 pounds); Plant Family Therapeutics in Mountain Home (32.68 pounds); Red River Remedy in Texarkana (16.92 pounds); Bloom Medicinals in Texarkana (4.83 pounds).

It should be noted that dispensaries with the lowest quantity of medical cannabis sales in Arkansas generally opened for business later.

A recreational cannabis market in Arkansas could be on the horizon

Arkansas could soon be earning more cannabis sales revenue; if an adult-use measure makes its way to the November ballot. No less than 89,131 valid signatures must be submitted by July 3, 2020 for the Arkansas Recreational Marijuana Initiative – which was filed by retired Arkansas National Guard member William Barger – to be featured on the ballot. 

Should the petition gain at least 75 percent of the required amount of signatures, an additional 30 days will be granted to petitioners for the collection of remaining signatures. In the event that Arkansas becomes the 12th U.S. state to legalize recreational cannabis, adults aged 21 and over would be legally allowed to purchase the plant at licensed dispensaries.