Medical cannabis sales in Arkansas totaled $21.1 million in February, an increase of more than $500,000 over January’s sales, according to state Department of Finance and Administration (DFA) figures outlined by Talk Business & Politics. The state collected $2.333 million in tax revenues from February sales – up from $2.309 million collected the previous month.
Since the first dispensary opened in Arkansas in May 2019, patients have purchased about 80,000 pounds of medical cannabis and the state has collected $62.525 million in taxes, which include a 6.5% sales tax and a 4% privilege tax on sales from cultivators to dispensaries, the report says. Most of the revenues are earmarked in the University of Arkansas for Medical Sciences National Cancer Designation Trust Fund.
DFA Spokesman Scott Hardin told Talk Business & Politics that medical cannabis sales “really started to increase beginning March 2021 through early fall.”
“We anticipate stimulus funding played a role. Although sales remain fairly strong today, we are not seeing the levels reached in spring and fall last year.” – Hardin to Talk Business & Politics
The Arkansas Department of Health reported 82,410 active patient cards in February, a slight decrease from 82,696 active patient cards in its January report.
Earlier this month, the state’s 38th licensed dispensary opened in Van Buren, and Hardin described the market in central Arkansas as “very competitive,” noting that there are now seven dispensaries within 30 minutes of Little Rock.
“As a region, northwest Arkansas leads the state with almost 800 pounds sold in February through the Fayetteville and Bentonville dispensaries,” Hardin said.
Natural Relief Dispensary in Sherwood reported the most February sales with 372 pounds, while The Releaf Center in Bentonville was second with 299 pounds, according to state data.