The Fort Smith Times Record reported that medical cannabis sales in Arkansas are already at $205 million so far this year which is on track to top last year’s totals.
The main driver of this growth is the expansion of the qualifying conditions for medical cannabis use in Arkansas. In February of this year, the state expanded the list of qualifying conditions to include chronic pain, migraines, and post-traumatic stress disorder. This has led to an increase in the number of people using medical cannabis in Arkansas, which in turn has led to an increase in sales.
According to an article by Ganjapreneur, the state of Arkansas has generated a total of $81 million in tax revenue from medical cannabis since mid-2019.
Medical cannabis is legal in Arkansas, and the state has seen significant tax revenue from it in recent years. In 2019, it generated $2.9 million in taxes. That number increased to $21.2 million in 2020, $33.1 million in 2021, $23.9 million for the first nine months of the current year, and $21.2 million in 2020. In all, that is a total of $81 million generated in state tax revenue from medical cannabis since mid-2019.
Arkansans voted in favor of Amendment 98 in November 2016, which legalized medical marijuana in the state. The first dispensary, Arkansas Medicinal Source, did not open until May 2019.