State’s marijuana tax revenue at lowest in 3 years

Arkansas medical marijuana taxes in the last fiscal year brought in about $1.5 million less than the previous year and accounted for the state’s lowest marijuana tax haul since 2021.

A pair of taxes that are applied to medical marijuana sales brought in $30.5 million in the 2024 fiscal year, which began in July 2023 and ended last month. The state’s fiscal years run from July 1 to June 30.

The state collected $32 million in fiscal year 2023, $32.3 million in FY 2022 and $30.2 million in FY 2021.

The two taxes include a 6.5% sales tax that is applied when patients make purchases at dispensaries and when dispensaries make purchases from cultivators. A 4% privilege tax also applies to purchases dispensaries make from cultivators. 

The state medical marijuana industry reached record sales of $283 million in calendar year 2023, but sales have been down slightly this year. In the first six months of 2023, the industry brought in $141 million, compared to $135.5 million in the first six months of this year, according to Scott Hardin, spokesman for the state Department of Finance and Administration. 

The state Department of Health reported 103,911 active medical marijuana cards this week.

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