Looking for an area of product disinflation? Try Arkansas’ medical marijuana sales where pounds sold through November are up almost 23% but sales revenue through November is down 2.1%.
According to the Arkansas Department of Finance and Administration (DFA), licensed medical marijuana patients have spent $251.9 million on approved product in the first 11 months of 2024, down 2.1% compared with sales of $257.4 million in the same period of 2023.
During the same period, licensed patients purchased 68,877 pounds of medical marijuana, up 22.8% compared with the 56,088 pounds in the same period of 2023.
The number of licensed patients is up 12.04%, according to the DFA.
Following are the top five dispensaries for pounds sold in November.
Suite 443 (Hot Springs): 746.61 pounds
Natural Relief Dispensary (Sherwood): 568.12 pounds
CROP (Jonesboro): 440 pounds
Harvest (Conway): 380.15 pounds
High Bank (Pine Bluff): 308.41 pounds
“The two state taxes on medical marijuana have generated $28.5 million in 2024, with the overall amount since the industry launched now approaching $150 million,” said Scott Hardin, DFA spokesperson. “The number of medical marijuana patient cards continues to increase. We began the year with 97,374 cards and Department of Health now reports 109,095 active cards.”
Arkansas medical marijuana sales set a new record in 2023 with a 2.53% increase over 2022. Following are the annual sales since 2019. 2023: $283 million 2022: $276.3 million 2021: $264.9 million 2020: $181.8 million 2019: $31.32 million
The constitutional amendment legalizing medical marijuana for 17 qualifying conditions and creating a state medical marijuana commission was approved by Arkansas voters 53% to 47% in November 2016.
