The emerging legal Arkansas medical cannabis industry sold $21.7 million worth of products in June 2024 according to recently published data from the Arkansas Department of Finance and Administration. June’s sales totals were slightly down compared to April 2024 ($22.8 million) and May 2024 ($22.9 million).
“Medical marijuana sales from Jan. 1 to June 30 totaled $135.5 million. That’s a decrease of approximately $5.5 million from the same time last year when sales totaled $141 million.” reported KY3 in its local reporting.
“State tax revenue collection on medical marijuana from April to June was $7.9 million, bringing the total (since the industry launched) to $136 million,” said Scott Hardin, communications director for the DFA, according to KY3’s coverage.
After several delays, the first legal medical cannabis product purchase was made in Arkansas on May 11, 2019. The average reported price for flower on opening day in Arkansas ranged from $395 to $420 an ounce. Since that time, Arkansas has sold a considerable amount of legal medical cannabis, with the state’s licensed dispensaries selling more than $1 billion worth of medical cannabis products in the first 5 years of legal sales.
“The spokesperson for the Arkansas Department of Finance and Administration said since 2019, patients have spent more than $1.10 billion on the products. He added that sales have steadily increased since the first year.” stated KARK in its initial reporting.
“According to DFA, the state’s medical marijuana sales began with $31 million in 2019. There was a steady increase to $276 million in 2022 and another record year in 2023 at $283 million. That’s 203,000 pounds of medical marijuana since May 2019.” KARK also reported.
On November 8, 2016, Arkansas voters approved Amendment 98 which legalized cannabis for medical use by suffering patients in the state. The measure was approved by 53% of Arkansas voters, making Arkansas the 33rd state in the United States to adopt a medical cannabis legalization measure. In 2017, the Arkansas Legislature made various revisions to the amendment.
In mid-April 2024, the State of Arkansas’ medical cannabis program surpassed the 100,000 patient milestone.
“In its latest update on April 13, the state Department of Finance and Administration reported 102,222 active cards, an increase of more than 8,000 from the 93,977 active cards a year ago.” the Arkansas Times stated in its initial coverage. Arkansas is home to 38 medical cannabis dispensaries according to the Arkansas Times’ reporting.