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Arizona voters approved recreational marijuana in 2020 with the passage of Proposition 207, also known as the “Smart and Safe Arizona Act.” The medical marijuana market began in 2012, following the passage of the Arizona Medical Marijuana Law in 2010.
How Are Arizona’s Cannabis Sales Doing?
According to the Arizona Department of Revenue (ADOR), adult-use cannabis sales reached a new high in October 2022, with more than $85.4 million in estimated sales, $5 million above the $80.4 million from September sales. Additionally, August sales came in at just under $78 million.
Overall, recreational sales have rebounded from a low of $68.5 million in January 2022, the lowest month of the year. September and October mark the third and fourth time in 2022 that adult marijuana sales exceeded $80 million, according to ADOR’s recent report. In addition, the recreational cannabis market totaled more than $2.6 billion in sales.
By contrast, the report showed that in October 2022, medical marijuana sales at $31.4 million, more than $1 million less than the September sales of $32.5 million. Also, it revised initial September sales estimates up from the previous report of $30.9 million.
The medical cannabis market would be outstripped by recreational sales in the wake of legalization, reported a local news outlet.
How About Cannabis Taxes?
Tax revenue collected through October totals $13.6 million from medical sales and $22.5 million from recreational sales. Moreover, “for adult use marijuana, there is a transaction privilege tax (TPT) rate and an excise tax (16%) on the retail sales,” per the report.
In related news, federal sentencing data reported that Arizona could be among the states that benefit most from President Joe Biden’s pardons of more than 6,500 people who were convicted in federal court of simple marijuana possession charges.
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Image by El Planteo
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Image and article originally from www.benzinga.com. Read the original article here.