Cannabis Sales In Arizona Are Going Up Both Medical And Adult Use
When it comes to the sale of marijuana some states are currently having record-breaking months. From the end of 2020 to 2021, the demand for cannabis has climbed higher than it has before. Originally this demand was slowly growing on its own but due to the pandemic, this demand for cannabis increased quickly. This is what took place during the first shutdown when cannabis businesses were deemed essential.
Back in November, some cannabis companies reported having record sales between medical and adult-use marijuana sales. As well this also helped companies to achieve solid earnings at that time. Currently, cannabis use is still on the rise and more people in more places are turning to marijuana for many reasons.
Nonetheless whatever those reasons are it all adds to the large amount of money that is being generated through the sale of legal cannabis. As more states vote to legalize cannabis in some form it will only add more value to the cannabis industry. As well as the growing demand for more marijuana. Below we will discuss how the state of Arizona is climbing in cannabis sales since establishing its legal cannabis market.
Arizona’s Cannabis Market Is Growing At A Fast Pace
The state of Arizona has generated close to $21 million in medical and adult-use marijuana tax revenue in July. This was documented by state officials on a new website. The purpose of this online outlet is to allow people to track how the industry is changing in a simple manner.
Taxes on Medical cannabis sat just above $5,485,102 in July. This figure is in comparison to $4,445,848 collected from the recreational market. Which according to the Department of Revenue is accurate.
Arizona’s cannabis market also made an additional $10,937,526 from the marijuana excise tax. However, these numbers are preliminary, as the last day to report was August 20. But some businesses may need more time to send in that info.
As of now the tax money being made from medical marijuana is still outperforming those from the recreational market. Yet the difference in tax money between both markets is narrowing. Which has been the case in recent months since recreational sales first began back in January.
That’s a pattern that’s been recognized throughout various states after adult-use marijuana is legalized. Still, Arizona has done well building its medical marijuana market. Some people in the cannabis industry do not see recreational sales passing medical cannabis for a long while.
“With the maturity of our medical market, I don’t expect to see adult-use sales eclipse medical sales as quickly as they did in Illinois,” Samuel Richard, executive director of the Arizona Dispensaries Association, told Marijuana Moment. “But what’s clear is that both patients and consumers are extremely excited about what Arizona operators have on offer.”
[Read More] 2 Marijuana Stocks To Watch Before Next Week
Arizona Is Building Its Cannabis Market Both Medically and Recreational
From the start of 2021, all the way through July tax revenue made from cannabis came in at $95,255,429. This data was taken from state reportings. As of now, other states are as well Other states are also seeing a surprising increase in cannabis tax dollars as more markets develop.
For instance, take California which is the dominant state when it comes to marijuana. California made around $817 million in adult-use marijuana tax revenue. This tax money was made during the 2020-2021 fiscal year, which was recently estimated by state officials. This makes for a 55 percent increase in cannabis earnings for state coffers. Which is a comparison to what was made in the prior fiscal year.
Notably, the consistency of rising sales and tax revenue throughout legal states has been occurring throughout the pandemic. This put many businesses in a position where they were forced to close. As well due to businesses shutting down the unemployment numbers started to rise.
The marijuana marketplace also flourished in spite of the fact that cannabis businesses are ineligible for federal aid.
[Read More] Medical Marijuana May Soon Make Its Way Into North Carolina
Which is the same assistance that was given to other industries. A recent scientific analysis of sales data in Alaska, Colorado, Oregon, and Washington State was conducted. It found that marijuana purchases “have increased more during the COVID-19 pandemic than in the previous two years.”
MAPH Enterprises, LLC | (305) 414-0128 | 1501 Venera Ave, Coral Gables, FL 33146 | new@marijuanastocks.com
