State report shows 2023 was a record-breaking year for Arkansas’ medical cannabis industry
Arkansas’ medical cannabis industry just concluded its biggest year for sales, according to a report published January 9, 2024, by the state Department of Finance and Administration.
State-licensed dispensaries brought in a record-breaking $283 million in sales during 2023, a 2.5% increase from the $276 million reported in 2022. The state’s 38 dispensaries sold 62,227 pounds of cannabis in 2023, a 23.3% increase from the 50,457 sold in 2022.
The state’s medical marijuana industry has now surpassed $1 billion in total sales since the first dispensary opened for business in 2018.
“From $31 million in sales in 2019 to $283 million in 2023, the industry has grown each year,” DFA spokesperson Scott Hardin said. “The $25.6 million spent in December was the largest monthly amount in 2023.”
Arkansas collected $31 million in taxes for 2023, $1 million less than 2022 due to the glut of December sales that will be listed as part of the state’s 2024 tax records. Total taxes collected since the state program launched are just over $120 million.
The top five dispensaries in terms of pounds sold were: Suite 443 in Hot Springs with 6,729 pounds; Natural Relief Dispensary in Sherwood with 5,647 pounds; CROP in Jonesboro with 3,512 pounds; High Bank in Pine Bluff with 3,055 pounds; and Releaf Center in Bentonville with 2,990 pounds.
Like most states with regulated cannabis programs, Arkansas has seen the price of cannabis fall as the market has matured. The average retail price of cannabis in 2023 was $10 per gram, compared to $12 per gram the year before.
Arkansas patient count also increased by 8.4%, up from 89,855 in 2022 to 97,374 in 2023.
This comes on the heels of Arkansas residents voting against legalizing recreational cannabis in November 2023.