The legal medical cannabis industry in Arkansas sold 36,135 pounds in the first half of 2024 according to the Arkansas Department of Finance and Administration (DFA), with total sales reaching $135.5 million during the time period.
“DFA officials say that this total was reached after sales between Apr. 1 and Jun. 30 totaled $67 million, or 18,895 pounds.” stated ABC7 in its local coverage. “Sales during the first half of 2023 totaled $141 million, marking of a decrease of approximately $5.5 million in the new year.”
“There are currently 37 dispensaries in operation across the Natural State.” ABC7 also reported. “The Arkansas Department of Health says there are currently 105,039 active patient cards in Arkansas.”
The state’s emerging legal medical cannabis industry sold $21.7 million worth of products in June 2024 alone. 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.
“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.
Total legal cannabis sales in the United States are expected to reach $31.4 billion in 2024 according to a recent analysis by Whitney Economics. Additionally, leading cannabis jobs platform Vangst, in conjunction with Whitney Economics, estimates that the legal cannabis industry now supports 440,445 full time-equivalent cannabis jobs in the United States.
Whitney Economics also projects the following legal cannabis sales figures in the United States for the coming years:
- 2024: $31.4 billion (9.1% growth from 2023)
- 2025: $35.2 billion (12.1% growth from 2024)
- 2030: $67.2 billion
- 2035: $87.0 billion
The emerging legal cannabis industry in the United States is projected to add roughly $112 billion to the nation’s economy in 2024 according to a newly released analysis by MJBiz Daily. The projection is part of the company’s 2024 MJBiz Factbook.
“The total U.S. economic impact generated by regulated marijuana sales could top $112.4 billion in 2024, about 12% more than last year,” MJBiz stated in its initial reporting.