On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

420 with CNW — Records Show Arizona Crossed $100M Mark for Monthly Cannabis Sales

State data has revealed that Arizona’s recreational cannabis market passed the $100 million sales threshold in March. The state legalized recreational cannabis in 2020 via the Safe and Smart Arizona Act, allowing the purchase, possession and use of recreational cannabis by adults aged 21 years of age and older.

It took Arizona a little more than a year after legalization to reach $100 million in adult-use cannabis sales, with recreational marijuana sales tripling medical cannabis sales over the last three months. According to the Arizona Department of Revenue, the state’s medical marijuana market has averaged $30 million in sales every month. Recreational cannabis sales in March were close to $101 million, increasing by more than $10 million from the $86.5 worth of recreational cannabis sold in April.

Cumulative sales for both recreational and medical cannabis reached $100 million in March 2021 with $59 million in recreational cannabis sales and more than $473 million in medical cannabis sales. Although overall cannabis sales in Arizona have surpassed $100 million every month since, March 2023 was the first time recreational cannabis sales alone breached the $100 million mark.

While recreational cannabis sales have seen an upward trajectory since March 2021, medical cannabis sales have been on a steady decline since peaking at $73.3 million in April 2021. Medical cannabis sales in July 2021 were under $40 million, and they have ranged from $33 million to $28.6 million from September 2022 to February 2023 when Arizona saw its lowest month of medical marijuana sales since it started reporting sales figures.

On the other hand, Arizona residents bought $93.4 million worth of recreational cannabis in December 2022, $91.3 million in January 2023 and $84.5 million in February 2023 before breaching the $100 million mark in March.

Arizona is already earning millions of dollars in tax revenue from cannabis sales, with the recreational market providing $15.4 million in revenue and the medical market providing $10.4 million. The state levies a 16% excise tax on adult-use cannabis sales and a 6% sales tax on medical cannabis while local governments charge an extra 2% on all cannabis sales.

According to the report, 30% of the total taxes collected from cannabis go to community college and provisional community college districts, 31% goes to public safety programs, 25% to the Arizona Highway User Revenue Fund and 10% to the justice reinvestment fund.

The sales numbers represent the enduring consumer demand for recreational cannabis around the country. States such as California, which have had legal recreational cannabis markets for much longer, are now home to behemoth markets that sell billions of dollars’ worth of adult-use cannabis each year.

These thriving markets for cannabis have created additional opportunities for entities such as Advanced Container Technologies Inc. (OTC: ACTX), which see a gap in the availability of the supplies that actors in the marijuana industry need.

NOTE TO INVESTORS: The latest news and updates relating to Advanced Container Technologies Inc. (OTC: ACTX) are available in the company’s newsroom at https://cnw.fm/ACTX

About CNW420

CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.

To receive instant SMS alerts, text CANNABIS to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.CNW420.com

Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW420, wherever published or re-published: http://CNW.fm/Disclaimer

Do you have questions or are you interested in working with CNW420? Ask our Editor

CannabisNewsWire420
Denver, Colorado
http://www.CNW420.com
303.498.7722 Office
Editor@CannabisNewsWire.com

CNW420 is part of the InvestorBrandNetwork.

Archives

Select A Month

Official NewsWire Relationships

Alternative Products Expo Benzinga Cannabis Capital Conference Cannabis Business Summit & Expo 2019 Cannabis Drinks Expo Cannabis World Congress & Business Exposition Cannexpo Marigold PR MjMicro Conference New England Cannabis Network O'Cannabiz Conference & Expo Tether BudTender Tether BudTender Appreciation Week

CannabisNewsWire Currently Accepts

Bitcoin

Bitcoin

Bitcoin Cash

Bitcoin Cash

Doge Coin

Dogecoin

Ethereum

Ethereum

Litecoin

Litecoin

USD Coin

USD Coin

Contact us: 303.498.7722