Arkansas medical cannabis sales hit $23.2 million in July

Arkansas medical cannabis sales hit $23.2 million in July

As residents of the state celebrated the 4th of July this past summer, something else was also going up in a big way in Arkansas – medical cannabis sales. July 2020 saw an incredible jump in the revenue generated from the sale of medical marijuana, as sales topped a whopping $23.2 million. It’s a remarkable milestone for a state that only recently started its medical-cannabis program in 2019.

1. Arkansas Medical Cannabis Sales Reach Historic High

The numbers don’t lie – Arkansas’ medical cannabis industry is thriving. The state’s cannabis product sales have redefined what it means to be successful – in just the last three months, sales have hit an all-time high. Here’s how the record-bursting numbers have impacted the local economy.

  • Unprecedented revenue – In the three months leading up to April, over $165 million of medical cannabis products were sold in Arkansas. This milestone revenue marks the highest sales to date in the state’s history.
  • Employment opportunities – As sales increase, so do employment opportunities within the industry. The booming sales have created jobs with both cannabis distributors and retailers, providing hundreds of people with steady income.
  • Local business growth – With the growth in sales, local businesses are reaping the rewards as well. Distribution centers and dispensaries are seeing increased numbers of customers, with many of them investing in their operations to keep up with demand.

It’s clear that Arkansas’ medical cannabis industry is continuing to experience tremendous success. With cannabis sales still growing at a rapid pace, the state’s business and employment climate are sure to benefit for years to come.

2. State Reports $23.2 Million in July Revenue

State coffers have seen a surge of activity in July, with the revenue recieved topping $23.2 million. The total income represents a 3.9% rise when compared to the previous year. Here’s a breakdown of where the majority of the funds were generated:

  • Sales Tax: $11.4 million
  • Income Tax: $8.9 million
  • Corporation Tax: $2.6 million
  • Other Taxes: $.3 million

State Treasurer, Peter Jones, was delighted to accept the news, noting the success of the government’s fiscal policies in driving the exceptionally large inflow for the month. July marks the fourth consecutive month of revenue increases for the state, clearly demonstrating the strength and reliability of the state’s approach to budgeting, taxation, and collection. Jones and his fellow officials are optimistic about the state’s future prospects, confident that the increases are sustainable in the long-term.

3. A Closer Look at the Numbers Behind the Milestone

As impressive as the milestone is, we should take a deeper look into the dynamics that led to it. To get an understanding of the driving forces, let’s consider the following points:

  • Customer Loyalty: Customer retention has been an important element in our success.
  • Adoption Rate: Our product has seen accelerated adoption since launch.
  • Partnerships: Our strategic partnerships have helped us reach more customers.

These points have significantly driven our success and have all contributed to the milestone. Customer loyalty has been a strong factor in accelerating our growth and improvement. Our adoption rate has increased as people recognize our product’s worth and value. Additionally, our strategic partnerships with other businesses have enabled us to expand our reach and impact, significantly aiding the milestone.

4. How Arkansas Patients are Benefitting from Medical Marijuana

Arkansas’ medical marijuana program is growing in popularity as patients continue to benefit from the plant’s therapeutic effects. With the enactment of Amendment 98 last November 2018, those suffering from a “qualifying medical condition” are eligible to purchase cannabis-derived medicine from any of 32 dispensaries located throughout the state.

Patients who have obtained a medical marijuana card can choose from an array of treatments, including tinctures, topicals, and edibles, helping them to manage their condition. Medical cannabis’ help with symptoms such as pain, inflammation, spasms, nausea, and loss of appetite has been well documented, and patients in Arkansas are evidently reaping the benefits:

  • Relief from chronic pain: the vast majority of Arkansas’ medical marijuana patients are approved for chronic pain, which is the leading cause of disability in the U.S. Cannabis-derived products are gaining recognition and acceptance as a safe and effective pain reliever.
  • Treatment of anxiety and depression: Cannabinoids like CBD are known to reduce levels of anxiety and depression and can also help with poor sleep. Although more research is needed, CBD-based treatments are becoming increasingly popular amongst those seeking to manage symptoms of psychological disorders.

Not only does Arkansas’ medical marijuana program provide an alternative means of treating ailments, it is also helping to generate revenue for the state. With dispensaries now open across the state, patients have access to the medicines they need to manage their condition without leaving their local communities.

The sunshine state of Arkansas has been blessed with a continuing stream of progress related to its medical cannabis sector. With its June sales of $23.2 million, the industry is sure to continue riding this high down a road to great success. Who knows what the future of Arkansas cannabis will bring, but one thing is for certain—the state’s citizens have much to be proud of.


Posted

in

by

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *