Medical marijuana brings almost $50M in tax revenue for Arkansas in 1st two years | Cannabis Business Executive – Cannabis and Marijuana industry news

It’s been two years since medical marijuana became legal in Arkansas and the revenue is showing for it.

The state has collected almost $50 million total in tax revenue.

“A year ago we said, let’s give it time. Let’s let all the dispensers get up and running and then we can really see where this industry is. I think we’re there,” said Scott Hardin, Arkansas Medical Marijuana Commission Spokesperson.

Well, medical marijuana had no such trouble. In fact, Arkansas saw more people buying.

“In about March of 2020, we saw a spike in sales and that spike has really been quite consistent since that time it’s been been there,” said Hardin. “As of today since that first dispensary opened, they’ve spent more than $400 million on medical marijuana and they’ve purchased about 60,000 pounds.”

So, where does all that money go?

Breaking it down, 6.5% goes to state agencies but a portion goes to cancer research. Four percent goes to national cancer institute at UAMS. [Read more at TVH11]