Arizona Recreational Marijuana Sales Hit New Monthly Record As Medical Cannabis Market Continues To Shrink

Arizona Recreational Marijuana Sales Hit New Monthly Record As Medical Cannabis Market Continues To Shrink
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The Arizona cannabis market has already sold more than $1.2 billion through October 2022, putting it on pace to easily eclipse the $1.4 billion sold in 2021. By David Abbott, Arizona Mirror For the eighth straight month, and the eleventh time in the past year, medical marijuana sales dropped from the month prior, clocking in at about $31 million in October 2022. By contrast, adult-use cannabis sales that voters approved in 2020 hit a new high in the same month, with more than $85.4 million in estimated sales, according to the Arizona Department of Revenue (ADOR). The crumbling of the medical program follows a pattern other states have seen with medical markets outpaced by recreational sales in the wake of legalization. The most recent ADOR report shows October sales at $31.4 million, more than $1 million less than the September sales of $32.5 million. The ADOR revised initial September sales estimates up from the previous report of $30.9 million. Adult-use recreational sales for October shot up more than $5 million from September’s $80.4 million in estimated sales. (September estimates were revised upward by about $5 million in the most recent report.) August sales came in at just under $78 million. Overall, recreational sales have been on the rebound from a low of $68.5 million in January 2022, the lowest month of the year. September and October mark the third and fourth time in 2022 that adult-use marijuana sales were greater than $80 million. According to the most recent numbers, the Arizona cannabis market has already sold more than $1.2 billion through October 2022, putting it on pace to easily eclipse the $1.4 billion sold in 2021. Since recreational sales began in January 2021, the Arizona cannabis market has totaled more than $2.6 billion in sales. Tax revenues collected through October total $13.6 million from…

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Source : Arizona Recreational Marijuana Sales Hit New Monthly Record As Medical Cannabis Market Continues To Shrink

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