Arizona Recreational Marijuana Sales Hit A New Record In March, State Reports

Arizona Recreational Marijuana Sales Hit A New Record In March, State Reports
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“The legalization of cannabis in Arizona has been a boon for our economy and the state tax coffers.” By David Abbott, Arizona Mirror Medical marijuana sales in Arizona continued to slide in March, dropping for the fifth consecutive month as recreational adult-use cannabis sales soared to new heights. The Arizona Department of Revenue also revised February sales upwards by several million dollars. In March, medical marijuana dipped to below $50 million for the first time since recreational sales began in January 2021, registering just $49.4 million. Medical sales peaked at nearly $73 million in March 2021, then fluctuated from the mid-$60 millions for the next six months. Since October, medical marijuana sales have dropped by at least $1.5 million every month. Recreational sales have rebounded after a small lull in January 2022, going up at least $2 million per month in February and March, which totaled $72.3 million alone. Total sales for both programs in March were $121.8 million. State tax analysts also revised February sales: Estimated medical sales were adjusted upward by $1.2 million to $53.7 million, while adult-use cannabis sales clocked in at $2.3 million more than previously believed, landing at almost $71 million. The revised total for all cannabis sales in February was $123.8 million. Recreational sales have been rising consistently since March 2021, when sales hovered around $60 million. Tax collections in March rose to $21.3 million, with $4.1 million from medical sales, $5.6 million in sales taxes for all cannabis sales and $11.9 from the 16 percent excise tax on recreational sales. The state collects a 16 percent excise tax on recreational sales in addition to the 5.5 percent state sales tax. Medical marijuana patients pay just the sales tax. Cannabis users also pay city and county sales taxes. Tax collections for cannabis sales in Arizona…

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