Arkansas Finance Department Shows Medical Cannabis Program Growth

by | Cannabis Times

 ounds of Medical Cannabis Sold in Arkansas Skyrocket, Cardholder Numbers Continue to Rise

A New Report Reveals Surprising Stats on Arkansas’ Medical Cannabis Program

The Arkansas Department of Finance and Administration (DFA) has just released a report that sheds light on the state’s booming medical cannabis industry. And let us tell you, the numbers are mind-blowing.

According to the Arkansas Advocate, the past five years have seen a surge in storefronts dedicated to medical cannabis, with a whopping 102,000 approved patient cardholders. And the revenue? A staggering $1.1 billion since the program’s launch in 2019.

But that’s not all. The report also shows that the state has collected a whopping $68 million in sales from January to March of this year alone. And with a jump from $31.32 million in 2019 to $282 million in 2023, it’s clear that the industry is only going up from here.

But what’s even more impressive is the increase in products sold. In 2023, 13,804 products were sold, but in 2024 so far, that number has jumped to 17,240. According to DFA spokesperson Scott Hardin, this is due to more competitive pricing, which is great news for patients.

And let’s not forget about the tax revenue. Over the past five years, an estimated $127 million has been collected, with $5 million coming from February and March of 2024 alone. And thanks to a law that sets aside 4% of cannabis taxes to provide meals for students on free or reduced lunch programs, the industry is also giving back to the community.

But the numbers don’t stop there. The amount of cannabis products sold in pounds has steadily increased over time, with 62,227 pounds sold in 2023. And the number of approved cardholders has also skyrocketed, from 11,000 in 2019 to over 100,000 in 2024.

And who are these cardholders? According to data reported in June 2023, an estimated 53% are women, with the majority falling in the 25-44 age range. And in terms of race, 84% of cardholders are white.

But the most exciting news? On 4/20, the industry saw a record-breaking $2 million in sales, three times more than the daily average. And according to Arkansas Cannabis Industry Association president Bill Paschall, this is just the beginning.

Paschall has been a key player in shaping cannabis policy and regulations in the state, and he’s not slowing down anytime soon. In fact, he’s been working tirelessly to keep legislators informed and up to date on the ever-evolving world of weed.

So, as the pounds of medical cannabis sold in Arkansas continue to skyrocket, one thing is for sure: the industry is here to stay. And with more and more patients reaping the benefits of this natural medicine, the future looks bright for the state’s medical cannabis program.