Arkansas publishes $21.1 million in medical cannabis sales revenue for February

Arkansas publishes .1 million in medical cannabis sales revenue for February
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Medical cannabis sales in Arkansas kicked off in June 2019 and have been steadily growing ever since.  Based on recently published state data, revenue amounted to $21.1 million in February.  Considering the tax revenue earned through sales, too, the latest figures surpass those published in February 2021.  For the first two months of the year, the Arkansas Department of Finance and Administration (DFA) recorded total revenue of $41.69 million and 7,389 pounds of medical cannabis sold across the state. Arkansas’ constitutional amendment legalized the plant for medicinal purposes for people who are diagnosed with one or more of the 17 listed qualifying conditions. The law, which established a state medical cannabis commission, was approved by 585,030 Arkansas voters (53 percent) in November 2016. The 47 percent of “no” votes came from 516,525 people. How do Arkansas’ medical cannabis taxes benefit the local community?  On Tuesday, March 22, the DFA reported that Arkansas’ 37 licensed cannabis dispensaries had contributed to $2.333 million in cannabis tax revenue for February. Contrastingly, this is more than the $2.309 million that was generated in February 2021.  Taxes generated through Arkansas’ medical cannabis industry are 6.5 percent of regular state sales tax with each patient purchase, in addition to a four prevent privilege tax on sales between growers and dispensaries.  Since the middle of 2019, Arkansas has collected $62.525 million worth of taxes from the medical cannabis industry.  The most monumental month for medical cannabis tax revenue was May of last year, when the industry generated $3.28 million.  The vast majority of cannabis tax revenue is earmarked for the University of Arkansas for Medical Sciences National Cancer Designation Trust Fund. What were the top-selling cannabis dispensaries in Arkansas? Since Arkansas opened its first dispensary in May 2019, patients who are deemed eligible to receive medical cannabis…

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