Arkansas Medical Marijuana Sales Soar, Poised to Break Records in 2023

Arkansas’ medical marijuana sales reached $23.2 million in July, positioning the state to surpass last year’s record sales, as reported by the Department of Finance and Administration. Year-to-date figures for 2023 indicate medical cannabis expenditures by Arkansas patients amounting to $164.6 million, marking a $7.3 million increase from the first seven months of 2022. July’s sales equate to 5,157 pounds of medical marijuana, contributing to the year’s cumulative total of 34,214 pounds.

State Department of Finance spokesperson Scott Hardin suggests that if sales maintain their current pace, the year could end with sales exceeding $280 million. The month of March recorded the highest sales at $25 million, whereas February reported the lowest at $22.4 million, reports KATV. Although tax revenue from medical marijuana sales in 2023 has reached $18.5 million, slightly below the previous year’s $18.7 million, this discrepancy does not necessarily mirror sales performance, according to Hardin.

Top-performing dispensaries include Suite 443 of Hot Springs, selling 551.7 pounds in July, and Natural Relief Dispensary in Sherwood, with 462.1 pounds sold. The growth trend in Arkansas’ medical cannabis market is evident since its legalization through a constitutional amendment in 2016. Active patient cardholders have risen from 88,893 last year to 94,059 currently, indicating sustained market expansion.