Arizona’s marijuana market set a record last year

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Arizona recorded $1.4 billion in marijuana sales in 2022

2022 appears to have been a great year for cannabis retailers in Arizona, which, after closing the year with a record December in sales, proved to be in high demand in the recreational market. According to recently released data, total cannabis sales in the state reached $1.4 billion.

The results were a strong reflection of 2021, the first year of the legal adult-use market. However, sales were strikingly different. While it is true that in 2021, medical cannabis sales were the driving factor, accounting for nearly 55% of the total, which translates to approximately $760 million, last year was different. In 2022, the lead was taken by recreational cannabis, shooting up to nearly 70% of sales, representing a total of $950 million. The medical marijuana market fell quite sharply, contributing just $500 million of the total.

December was undoubtedly the grand finale, bringing in approximately $86.6 million for the recreational market. This is a slight increase from the $85.8 million in sales recorded in November. Medical cannabis sales, meanwhile, faced several hurdles, with a slight drop from November to December 2022 from $31.9 to $31.1 month-over-month.

Total overall marijuana sales for both markets since the advent of legal adult use in early 2021 is $2.9 billion. Since April of that same year, medical sales have seen a downward trend, which comes as no surprise to many as the recreational market has been establishing clear dominance over time. It is very likely that this difference will be even more pronounced in 2023.

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